Martin Tsvetkov

EGPI Firecreek, Inc. (OTC:EFIR) Sells Working Interest, Stock Surges 257%

by Martin Tsvetkov March 2, 2012
6EFIR_chart.pngYesterday, EGPI Firecreek, Inc. (OTC:EFIR) did better on the stock market than the vast majority of paid promos, thus building momentum for the upcoming session as well.

Clocking in at $0.0025 per share, EFIR skyrocketed by 257% within a couple of hours. Thus, EFIR registered its highest close since mid-December. A total of 157.3 million shares of common EFIR stock changed hands, which is by far the highest volume EFIR has generated for the last 52 weeks.

EFIR's gigantic surge comes hard on the heels of a brand-new announcement which popped up yesterday. According to the latter, EFIR has sold both a working and a net revue interest in three oil wells to a UK-based entity by the name of Cubo Energy, PLC for a total compensation of $1.15 million in the form of share issuance.

9EFIR_logo.jpgEstablished in 1995, EGPI Firecreek, Inc. is currently focused on developing oil and natural gas nationwide. The agreement mentioned above is expected to allow for additional capital expenditures and drilling programs.

As a registered SEC filer, EFIR is a regular information provider. As seen in its latest 10-Q report covering the quarter ended, the company's balance sheet contained:

  • cash reserves of $63K;
  • working capital deficit in excess of $5 million;
  • total revenue of $78 thousand and a net loss of $1.17 million.

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