HOUSTON, July 15 /EMWPresswire-FirstCall/ -- EPiC Energy Resources, Inc. (OTC Bulletin Board: EPCC) ("EPiC"), a provider of engineering, management consulting, training and data management services to the energy industry, today provided an update on its operations. EPiC announced that since the end of the 2008 first quarter, its engineering and consulting segment, which is made up of Pearl, The Carnrite Group, and Epic Integrated Solutions (EIS), have signed new contracts for projects that are expected to generate revenues of over $11 million and have bid proposals outstanding for over $106 million. Approximately 40% of the contracted and potential revenue comes from new clients. A substantial portion of EPiC's projected revenue comes through the Pearl division and is related to engineering, procurement and construction management (EPC) projects that support the growth of conventional and unconventional oil and gas development, with a significant percentage coming from the development and production of unconventional resources in the Rocky Mountain region. New and existing clients continue to call for a broad range of Pearl's services, including Project Management of Drilling and Field Development Programs, including but not limited to Infrastructure and Facility Engineering, Construction Management, Production Operations, GIS Mapping, Surveying and Permitting. Pearl's typical contracts range from $500,000 to multi-million dollar, multi-year engagements. For example, a new client recently signed a contract engaging Pearl to provide gas measurement services on several hundred CBM wells in Wyoming. This new contract provides an estimated $1 million per year of revenue. Negotiations are continuing to expand the scope of services provided to this client, which would add over $2 million per year of ongoing revenue. Another significant award involves an integrated project valued at over $3 million to provide drilling, engineering, mapping, surveying and permitting services. Additionally, a second client has awarded Pearl a project to provide engineering and design services for a salt water disposal facility in New Mexico. The contract value of this project is approximately $2 million. Internationally, Pearl is providing start-up and commissioning services for a multi-million-dollar 100-MMscfd natural gas processing plant in the United Arab Emirates (UAE) which Pearl originally designed, engineered, and provided construction management services through completion. Pearl is in negotiations with the same client for additional multi-million dollar, multi-year projects in the Middle East. Carnrite continues to be awarded additional work by its client base of major and independent oil and gas companies. Carnrite's typical contracts range from $250,000 to multi-million dollar, multi-year engagements. Since the end of the first quarter, Carnrite has been engaged to perform new projects that should generate in excess of $1 million in incremental revenue over the next six to nine months. The projects focus on helping clients solve a variety of strategic and operational problems, including but not limited to: Improved Operations Effectiveness, Competitive Benchmarking, and Organizational Realignment in support of existing work processes. Carnrite is currently pursuing additional contracts with expectations to close within 2008. EIS provides services in both system integration as well as operational and maintenance support. EIS's System Integration and Support services consist of: Data Migration and Integrity, Middleware Implementation, Interface Development, Systems Support, Software Design, and Database Design. EIS's Operations/Maintenance (O&M) Support services consist of: O&M Document Design and Support, Graphic Design, Training Program Design, Task Analysis, Competency Assurance Program Design, Multimedia Design, Computer Based Training (CBT) Design, Training Delivery, O&M Training & Consulting and Change Management. EIS was recently awarded a contract with a major oil company to streamline their invoice payment processes, which is part of its data management suite of products and services. EIS is also coordinating the client's vendor training programs and streamlining their procurement process for vendor training by eliminating unnecessary overhead and administrative costs. This project's anticipated value is $250,000. EIS's typical contracts range from $250,000 to $1,000,000 multi-year engagements and it expects to secure additional such contracts within 2008. Rex P. Doyle, EPiC's Chief Executive Officer, stated, "We are pleased with the high level of demand for our services and expect that we will be awarded contracts on a good portion of the bids outstanding. High commodity prices are driving an expanding need for facilities and the energy infrastructure necessary to efficiently produce oil and natural gas from both conventional and unconventional resource developments. The growth in drilling for unconventional gas, both in coal bed methane and the emerging shale developments is creating demand for our services from producers that are focused on maximizing production in these intricate development programs. We believe that our customers see the value in partnering with EPiC to provide complete engineering and operations solutions for their complex field facilities and related infrastructure. Our engineering and consulting businesses continue to expand our customer base in the Rockies, mid-continent and greater Texas onshore market."
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, http://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.
CONTACTS: Mike Kinney, Chief Financial Officer 281-419-3742 / email@example.com Lisa Elliott, Sr. Vice President DRG&E - IR Counsel 713-529-6600 / firstname.lastname@example.org
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