1st NRG Corp. (OTCBB: FNRC.PK) is an exploration and production company currently engaged in the development of natural gas producing properties in the Powder River Basin of Wyoming. Headquartered in Denver, Colorado, our activity has been centered upon the development of coal bed methane reserves where we hold a working interest in 42 producing wells, 1 permitted location and undeveloped acreage where 3,860 additional acres could permitted for an additional 35 locations. The Company has expanded its activities into one of North America’s most exciting shale plays, through a development of prospective acreage in SE Ohio encompassing approximately 7,000 acres.
The targeted coal seams in the Powder River Basin are part of the Tongue River Member of the Fort Union formation and have been extensively mapped as natural resource developments and exploration have occurred throughout the region. Industry data from many wellbores drilled by ourselves and others, allow the Company to estimate the extent, thickness, gas saturation, formation pressure and relative permeability of the coal seams. This reduces (but does not entirely eliminate) the risk of drilling unproductive wells. Our development has encountered developed coal seams in the Schwartz, Anderson, Canyon, Cook and Wall formations where the currently producing wells are commingling gas produced from three coals - the upper and lower Schwartz, and the Anderson. The developed coal seams in the Canyon, Cook and Wall formations remain behind pipe and available for future development.
The Ordovician-aged Utica Shale is distributed across several states as well as Quebec Canada and is generally found approximately 2,000 feet below the Marcellus Shale. The shale generally shallows moving east to west. We are participating in development of prospective acreage in SE Ohio particularly seeking Utica Shale potential on an initial block of acreage encompassing approximately 7,000 acres. 1st NRG will not operate in Ohio, and it's 20% working interest is carried in the initial vertical test well. The Company also participates in future development with a 20% working interest. The initial vertical test well has been drilled, logged cored and cased to a depth of 7,620 feet and is currently being tested and evaluated.