HOUSTON, May 10, 2010 /PRNewswire via COMTEX/ -- Epic Energy Resources, Inc.
(OTC Bulletin Board: EPCC) ("Epic" or "the Company"), a provider of engineering, procurement, construction management, business consulting, and field services to the energy industry, provides the following operational update for the company: Epic will begin work on two key projects with combined revenue of approximately $2,200,000 in the Rocky Mountain Region for a Houston based, major integrated energy company. These projects will be serviced by Epic's field services group and are expected to be completed in November, 2010.
Epic's engineering group has recently been awarded Phase I of a three-phase project in the UAE for an existing client providing process engineering and consulting services valued at approximately $500,000. Phase I will begin immediately.
Epic's business consulting group has been awarded a second contract to assess a client's field operations for another of the client's producing assets in Texas and Louisiana. Additionally, the business consulting group has recently added several process improvement projects for a mid-cap E&P client. Collectively, these new engagements will generate over $300,000 in revenue.
Argos Asset Management, LLC (an Epic JV) has spud its first well in Northern West Virginia with the intent to produce natural gas from the Marcellus Shale.
Argos will drill to a pre-determined depth (Phase-1) and will log the well to determine if it is commercially viable before completing the well for production.
Organizationally, Epic has started the process of transitioning most of its engineering group and certain back office support functions from Denver, CO to Houston, TX. These changes are being made to pursue growing opportunities in the International, Houston, and broader Gulf Coast region markets. It is also expected that this consolidation will have a positive impact on the Company's cost structure. Epic will continue to support the Rockies region with a satellite engineering group. In addition, earlier this year, Epic completed registration of its first overseas office which is located in the UAE.
John S. Ippolito, President & CEO, stated, "We have strategically made the decision to relocate our core engineering group to Houston so that we are closer to what we believe will be our primary customer base and to better service the growing Gulf Coast region and international markets. We also believe this complements our plan to reduce overhead costs and centralize back office functions to our Houston corporate office." About Epic Energy Resources, Inc.
Epic Energy Resources, Inc. is a Houston based integrated energy services company. Epic provides business and operations consulting; engineering, procurement, and construction management; production operations & maintenance; specialized training, operating manuals, data management and data integration focused primarily on the upstream, midstream and downstream energy infrastructure. Epic is headquartered at 1450 Lake Robbins Drive, Suite 160, The Woodlands, Texas 77380. Office - 281-419-3742, www.1Epic.com.
Forward Looking Statements Certain statements included in this release constitute forward-looking statements. These forward-looking statements are based on management's belief and assumptions derived from currently available information. Although Epic Energy Resources ("Epic") believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. Actual results could differ materially from forward-looking statements expressed or implied herein as a result of a variety of factors including, but not limited to: a decline in the price of, or demand for, oil and gas, demand for Epic's services, loss or unavailability of key personnel, inability to recruit or retain personnel, competition for customers and contracts, various potential losses associated with fixed-price contracts, general economic conditions; and other financial, operational and legal risks and uncertainties detailed from time to time in Epic's SEC filings.
Epic does not undertake any obligation to publicly update forward-looking statements contained herein to reflect subsequent events or circumstances.
SOURCE Epic Energy Resources, Inc.
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