1st NRG Corp. (OTCMKTS:FNRC) Updates On Its Plans For 2017
1st NRG Corp. (OTCMKTS:FNRC) has announced a corporate update to its stockholders on FY2016 achievements and its plans for 2017. Kevin Norris, the CEO said that these are thrilling times at company. They are moving on a path which will introduce them on a growth trajectory for upcoming year. Many of the activities to accomplish that have been planned over the past year, can post results now in coming period.
In November, 1st NRG reported the potential deal of a natural gas gathering mechanism. The system will comprise more than 364 miles and allow the firm access to more than 100,000 acres of prospective advancement. They are negotiating the sale and purchase deal right now and expect to complete in 1Q2017.
The company expanded its measures into Ohio participating in an advancement of prospective acreage comprising nearly 7,000 acres. A couple of years ago, a vertical test well was logged, cored, cased and drilled to a depth of almost 7,620 feet, assessing the Utica Shale but eventually closed in the Beekmantown Dolomite. This well has been acidized with pumping equipment being installed. They project the share of reserves to be coming at 251 MCFE and production to commence in January 2017.
The firm intends to start the production in the Clabaugh Ranch field in 1Q2017. Its projected reserves 18.7 BCF. 1st NRG is in negotiations to raise $25-30 million for the reported deals and for a few that are planned. While commodity prices in this year has prompted the company to stay a bit inactive, coming year it is expected to turn around and they are set up to make the ground running.
In the last trading session, the stock price of 1st NRG declined 25% to close the day at $0.00090. The decline came at a share volume of 99.65 million compared to average share volume of 22.40 million.© Copyright 2016 OTC News Magazine. All rights reserved.