interessant ist der erste Absatz,in dem es um die oil reichste Region der USA geht ...
PR Newswire
DENVER, March 1, 2013
DENVER, March 1, 2013 /PRNewswire/ -- 1st NRG Corp. (OTC Markets: FNRC.PK, http://1stnrg-corp.com) releases an update on the company's operations.
Utica Shale – Eastern Ohio
The Company finalized an agreement to develop approximately 7,150 acres in Eastern Ohio, one of the most active areas for oil, natural gas and natural gas liquids exploration in the United States. According to the Ohio Department of Natural Resources, there are over 250 approved permits to drill in the Utica shale, 15 well drilling, 128 that have been drilled and 47 producing wells. The play continues to develop and expand to the south and west. FNRC is still seeking joint venture partners for its prospect.
Niobrara Shale – Western Nebraska
The Company also finalized an agreement which will deliver an Oil and Gas Lease and surface use agreement for 1,370 acres located in Banner County Nebraska.
CBM – Northern Wyoming
Our current CBM properties are characterized by what we believe to be low geologic risk and repeatable development opportunity. Clabaugh Ranch is about 18 miles northwest of Gillette, Wyoming and all of the wells drilled there have encountered developed coal seams in the Warner, Upper and Lower Smith, Wyodak/Anderson Lower, Gates and Wall formations.
The Clabaugh Ranch field has had 42 wells drilled through September 30, 2012 with a success rate of 100%. Our drilling inventory consists of 8 permitted well locations (6 net), all of which are CBM resource opportunities. Further development of Clabaugh Ranch is being evaluated. The Company is evaluating its drilling program in Wyoming given the recent rise in Natural Gas commodity prices.
See the company website for updates, at http://1stnrg-corp.com
Forward-Looking Statement
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement identified by the words "expects," "projects," "plans," "feels," "anticipates" and certain of the other foregoing statements may be deemed "forward-looking statements." Although 1st NRG believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this press release. These include risks inherent in the drilling of oil and natural gas wells, including risks of fire, explosion, blowout, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks inherent in oil and natural gas drilling and production activities, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations; risks with respect to oil and natural gas prices, a material decline in production which could cause the Company to delay or suspend planned drilling operations or reduce production levels; and risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in oil and gas prices and other risk factors.
SOURCE 1st NRG Corp.
läde sich nach dieser News merklich auf, Anzahl der ausstehenden
Common Stock - 500,000,000 authorized - par value $0.01
61,561,919 Shares issued and outstanding at September 30, 2012 and 4,385,021 shares issued and outstanding at December 31, 2011.
555,369
43,850
6,610,953 Shares to be issued at September 30, 2012 and December 31, 2011
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
Organization - The Company is a State of Delaware corporation and maintains a December 31 fiscal year end.
Nature of Operations - 1st NRG Corp. is an exploration and production company headquartered in Denver, Colorado. The Company currently holds natural gas (CBM) assets in the Powder River Basin of Wyoming. We own working interests in producing and prospective CBM wells in the Clabaugh Ranch Field, a development of 6,025 gross acres in the Powder River Basin in northeast Wyoming. We are expanding our activities into unconventional shale potential which includes 1,370 acres in the Niobrara Shale in Western Nebraska, 7,150 acres in the Utica Shale in Eastern Ohio and 9,800 acres in the Bakken/Three Forks Shale in North Dakota.
Basis of Presentation - The accompanying financial statements were prepared by the Company and include 1st NRG's share of assets, liabilities, income and expenses from the properties in which the Company has a participating working interest. The Company has no subsidiaries or affiliates with which intercompany transactions are recorded. The Company uses the accrual basis of accounting for financial statement purposes and these statements have not been audited.
Risks and Uncertainties - Historically, oil and gas prices have experienced significant fluctuations and natural gas prices have been particularly depressed in recent years. If the Company’s assets do not generate income sufficient to meet operating expenses, the Company’s perceived market value could adversely be affected. Income from, and the value of, the Company’s assets may be adversely affected by the general economic climate, Oil & Natural Gas market conditions such as oversupply of related assets or a reduction in demand for natural gas or natural gas assets in the areas in which the Company’s assets are located, and competition from other Oil & Natural Gas companies. Revenues from the Company's assets are also affected by such factors as the costs of production and local market conditions.
Cash - Restricted - 1st NRG Corp closed a transaction with nine qualified investors in January 2011, pursuant to which the Investors purchased a private placement of Units consisting of Preferred Shares (convertible into Common Shares) and Warrants to purchase Common Shares. The total Unit purchase was $14,452,014.45 (16,057.79 per Unit) and $14,445,264 is currently reflected in equity section of the Company’s Balance Sheet as restricted cash. On September 24, 2012 the Class Preferred Shares were converted into Common Shares at an average Common Share price of $0.32 per share. Under the terms of the Unit Subscription Agreement (USA), the Investor’s cash and the Securities purchased (in certificate form) have been deposited in a restricted account with an Intermediary whereby an Account Management Agreement (AMA) between the Investors, the Company and the Intermediary governs the release of funds to the Company from the restricted account. The Investors may NOT request a return of capital without the agreement of 1st NRG and 1st NRG may not request to unwind or alter the transaction without agreement of the Investors. The shares are fully paid and non assessable.
The funds are released to the Company in 36 periodic installments pursuant to the AMA schedule approved by the Company and the Investors. Trading volumes at or above a scheduled minimum bid price will release a percentage of each periodic “Breakout” funds to the Company. There are provisions within the agreement which address release of funds to the Company in the event that 1) trading volume is below the minimums, and 2) average bid prices are above or below the minimums. These provisions are in place to ensure the offering goes forward in a smooth and timely manner and all the funds are disbursed to the Company and the shares distributed to the Investors.
Revenue Recognition - The Company recognizes oil and gas revenues for only its ownership percentage of total production under the entitlement method. Purchase, sale and transportation of natural gas are recognized upon completion of the sale and when transported volumes are delivered according to the terms of the contract.
Accounts Receivable - Accounts receivable are stated at the amount management expects to collect from outstanding balances. Management will provide for probable uncollectible amounts through a charge to earnings and a credit to a valuation allowance based on management's assessment of the current status of individual accounts. Balances that would remain outstanding after management has used reasonable collection efforts would be written off through a charge to the valuation allowance and a credit to trade receivables. Accounts receivable are short-term, non-interest bearing and uncollateralized. The Company did not record any allowance for uncollectable receivables in 2012 or 2011.
Concentrations of Credit Risk - Financial instruments that subject the Company to credit risk consist principally of cash and receivables. Cash balances are maintained in local financial institutions and at times the balances may be in excess of federally insured limits. Management believes the risk of loss to be minimal. Receivables consist primarily of amounts due from natural gas purchasers primarily located in the Rocky Mountain region of the United States. The Company does not ordinarily require collateral, but in the case of receivables for joint interest operations, the Company will have the ability to offset amounts due against the participant's share of production from the related property. At June 30, 2012, the Company did not conduct any joint interest operations.
Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect certain reported amounts and disclosures. Actual results could differ from those estimates. The Company's significant estimates include estimated life of long lived assets, use of reserves in the estimation of depletion of oil and gas properties and the impairment of oil and gas properties and asset retirement obligations.
Impairment - Long-lived assets, including oil and gas properties, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the expected undiscounted future cash flow from the use of the assets and their eventual disposition is less than the carrying amount of the assets, an impairment loss is recognized and measured using the asset's fair value or discounted cash flows. Management does not believe the oil and gas properties are impaired as of June 30, 2012 or December 31, 2011. No provision for impairment has been previously recorded for proved properties.
Fair Value Measurement and Financial Instruments - The Company's financial instruments consist of cash and cash equivalents, accounts receivable and accounts payable. The fair market value of these financial instruments approximates or is equal to the book value. In 2009, the Company adopted Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 820, Fair Value Measurement and Disclosures including the application of the statement to non-recurring, non financial assets and liabilities. The adoption of ASC 820 did not have a material impact on the Company's fair value measurements. ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a fair value hierarchy, which prioritizes the inputs used in measuring fair value into three broad levels as follows:
Level 1 - Quoted prices in active markets for identical assets or liabilities.
Level 2 - Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly.
Level 3 - Unobservable inputs based on the Company's own assumptions.
ASC 820 requires the use of observable market date if such data is available without undue cost and effect.
Industry Segment and Geographic Information - The Company operates in one industry segment, the exploration, development, production and sale of natural gas. All of the Company’s operations are conducted in the continental United States and consequently, the Company currently reports as a single industry segment.
Earnings per Share - Basic earnings per share (“EPS”) is calculated by dividing net income (loss) attributable to common stock by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share incorporates the treasury stock method to measure the dilutive impact of potential common stock equivalents by including the effect of outstanding vested and unvested stock options and unvested stock awards in the average number of common shares outstanding during the period. |
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