1st NRG Corp.(OTCMKTS:FNRC) a production and exploration firm headquartered in Denver is in discussions with numerous Investment Banks, Capital Advisors and Investors to assist the firm in a capital raise.
The activity has been focused upon the advancement of coal bed methane reserves where through its subsidiary unit, 1st NRG Wyoming, the company manage and hold a working stake in 43 producing wells and a projected 18.5 Bcf net to their interest. The traditional acreage could be allowed for up to 36 added sites which are characterized by low geologic danger, a repeatable growth opportunity and are counterweighing wells which all established developed coal seams in the Anderson, Canyon, Schwartz, Cook and Wall formations.
A couple of years ago, in 2014 they expanded their activities into an advancement of acreage in SE Ohio comprising nearly 7,000 acres where they have a 35% working stake in a Beekmantown Dolomite well. 1st NRG presently hold 100% of the offset advancement rights and are expecting first production.
The talks with numerous Investment Banks, Capital Advisors and Investors are to help the firm in a capital raise of around $25-30 million dollars for the initially reported procurements and for a few that are prearranged. 1st NRG previously reported the planned acquisition of extra working stake at Clabaugh Ranch and most lately a natural gas gathering scheme.
In unrelated news, the company reported on an acquisition deal which when completed will result in the possession of a natural gas pipeline and linked properties. The operating pipeline is nearly 300 miles long and the deal when closed is projected to be effective from January 2017.
1st NRG is thrilled to report this prospective acquisition. These properties are the next measure in their plans for future expansion and growth of company. During an exceptional due diligence period they will be discussing a definitive purchase and sale deal. The activity has been focused upon the advancement of coal bed methane resources in Wyoming.