Trading at only .13 cents
Energy Producers, Inc. Signs Letter of Intent to
Acquire Firecreek Petroleum, Inc.
Acquisition Launches EGPI into Worldwide Oil & Gas Markets
Scottsdale, AZ., June 17, 2004 (BUSINESS WIRE) – Energy Producers, Inc. (OTC BB: EGPI) is pleased to announce the signing of a Letter of Intent to acquire Texas based Firecreek Petroleum, Inc. Upon completion of a Definitive Agreement this would constitute EGPI’s largest and most significant acquisition to date.
Firecreek Petroleum based out of Fort Worth, Texas is an international oil exploration and development company specializing in the rehabilitation of existing oilfields throughout Eastern Europe, North Africa, and Central Asia. Firecreek has associated or affiliated companies that support its primary objective of oil and gas exploration and production. This includes telecommunication, financial management and accountability services, technical services, oilfield equipment sales, as well as, repairs and aviation support. Firecreek is a part of a consortium of U.S. and international companies that focus on petroleum development in Eastern Europe, North Africa, the EuroAsian countries and the former Soviet Union. Firecreek is also evaluating opportunities in the Southwest Pacific. Additionally, Firecreek conducts consulting and advisory services while focusing on its core business of oil and gas exploration and development. The company specializes in the niche market of oil and gas rehabilitation and production enhancement through modern management and technological applications. Besides their corporate office in Ft. Worth, Texas they also have offices in Bucharest, Romania and Kuala Lumpur, Malaysia.
Additionally, Firecreek has negotiated a contract with the Romanian National Oil Company (PETROM) to assume operational control and management of three oil fields that currently have 1,026 oil wells. Completion of the contract, turn over details and date are under discussion at this time. Other oil fields are currently under evaluation for rehabilitation potential as well.
The country of Libya is also a key focus of Firecreek. Because of the recent lifting of U.S. sanctions Libya has a need for the continued exploration and rehabilitation of its oilfields in anticipation of increased exportation of its most valued commodity within that country. Please see:
http://ogj.pennnet.com/articles/web_article_display.cfm?ARTICLE_CATEGORY=GenIn&ARTICLE_ID=206267
Firecreek has on its staff several experienced and talented geologists, geophysicists and petroleum engineers. The management team has over 25 years of experience and has been involved in oil and gas operations in 7 U.S. states and 13 countries. It is expected that the addition of this team will be of an exponential benefit to the current projects EGPI has in hand.
John R. Taylor Firecreek’s President and son of oil pioneer Ben J. Taylor stated,” We are pleased at the current state of agreement between ourselves and EGPI. We believe that a symbiotic relationship between both companies will allow us the ability to move much faster and more aggressively with our goals and commitments in 2004.”
Dennis Alexander, EGPI’s President added, “In keeping with our continuing commitment to building shareholder value, we are extremely pleased to have this opportunity to join forces with such an experienced and seasoned team of professionals. We believe that if this acquisition is completed it will have a very significant impact, not only within our industry, but with our company and its shareholder’s through the enhancement of shareholder value.”
Although specific terms of the definitive agreement have not yet been disclosed, certain provisions including but not limited to: due diligence, audited financials and funding commitments are currently being reviewed.
For more information about Firecreek go to:
www.firecreek.us
For more information about EGPI go to:
www.energyproducersinc.com
Safe Harbor
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Energy Producers Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Energy Producers Inc.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in Energy Producers' filings with the Securities and Exchange Commission.
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