EPiC Energy Resources, Inc. a provider of engineering, management consulting, and training services to the energy industry, announced today that it has divested its interest in a low volume natural gas field in central Kansas.
EPiC has executed an agreement with its current partner in the field, in which the partner will assume all debt associated with the field along with operating expenses and any contingent liabilities in exchange for EPiC's interest in the field. In addition, a third party has signed a farmout agreement in which EPiC will receive a 3.75% net profits interest, up to a maximum of $500,000, in production from new wells drilled in the field.
EPiC's CEO, Rex Doyle stated, "This is another important step in our continuing effort to improve our capital structure by reducing debt and divesting of non core assets. This transaction will reduce our debt by over $3.8 million while also providing up to $500,000 of income from the farm out agreement. I am very pleased that the EPiC team has been able to structure this type of positive transaction in a tough commodity and credit environment."
About EPiC
EPiC Energy Resources is a Houston-based integrated energy services company. EPiC provides consulting, engineering, construction management, operations, maintenance, specialized training and data management services focused primarily on the upstream and midstream energy infrastructure. Services are provided through Pearl, a diversified engineering and energy services company; Carnrite, a management consulting company focused on providing strategic and operational consulting services to the broad energy industry; and EIS, a global training and data management services company. EPiC is headquartered at 1450 Lake Robbins Drive, Suite 160, The Woodlands, Texas 77380. Office - 281-419-3742.
Source: EPiC Energy Resources, Inc.
EPiC has executed an agreement with its current partner in the field, in which the partner will assume all debt associated with the field along with operating expenses and any contingent liabilities in exchange for EPiC's interest in the field. In addition, a third party has signed a farmout agreement in which EPiC will receive a 3.75% net profits interest, up to a maximum of $500,000, in production from new wells drilled in the field.
EPiC's CEO, Rex Doyle stated, "This is another important step in our continuing effort to improve our capital structure by reducing debt and divesting of non core assets. This transaction will reduce our debt by over $3.8 million while also providing up to $500,000 of income from the farm out agreement. I am very pleased that the EPiC team has been able to structure this type of positive transaction in a tough commodity and credit environment."
About EPiC
EPiC Energy Resources is a Houston-based integrated energy services company. EPiC provides consulting, engineering, construction management, operations, maintenance, specialized training and data management services focused primarily on the upstream and midstream energy infrastructure. Services are provided through Pearl, a diversified engineering and energy services company; Carnrite, a management consulting company focused on providing strategic and operational consulting services to the broad energy industry; and EIS, a global training and data management services company. EPiC is headquartered at 1450 Lake Robbins Drive, Suite 160, The Woodlands, Texas 77380. Office - 281-419-3742.
Source: EPiC Energy Resources, Inc.
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