EPiC Closes The Acquisition Of The Reichel Field In Rush County, Kansas

Houston - EPiC Capital Group, Inc. announced recently that it has closed its transaction with Bear Petroleum, Inc., acquiring all of Bear's interest in the hydrocarbon production, wells, gathering pipelines and all other equipment associated with the assets in the Reichel Field, located in Rush County, Kansas. The assets consist of 50+ producing and non-producing gas wells and 1 salt water disposal well on approximately 28,000 acres, along with 85 miles of gathering system and associated field processing and compression facilities. Current production for the field is approximately 800MCF/day. EPiC has identified additional low risk recompletions and development drilling locations in the field. The average working interest in the field is 100% and the average net revenue interest is 80%. The purchase price consisted of cash and EPiC stock.

Rex Doyle, EPiC's Chairman and CEO, stated, "This acquisition is a key part of EPiC's asset strategy and continues to demonstrates our management's commitment and ability to execute EPiC's business strategy of acquiring mature onshore U.S. assets that have significant upside potential through low risk recompletions and development drilling. This Kansas asset gives us a centrally located base to expand our operations in the onshore market. We will continue to execute this strategy aggressively in order to continue adding shareholder value."

In other news, EPiC completed the recompletion of the Marshall State Well in Duval County, Texas. The Well tested and had hydrocarbon indicators but not in commercial quantities. EPiC project managed the recompletion on behalf of an investment group and received a management fee for its efforts.

SOURCE: EPiC Capital Group, Inc.