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Savoy Completed a 300-Acre Lease Acquisition in Texas

Source: www.gulfoilandgas.com 12/1/2010, Location: North America

Savoy Energy Corporation, an independent oil and gas Company, announces that on November 26th, 2010 the Company completed a 300-acre lease acquisition in Central Texas. This lease is within the "oil window" of the Eagle Ford Shale Formation and was made on the behalf of an undisclosed privately held Oil and Gas Company as part of a joint effort with Savoy to perform geological studies and development for potential oil production.

By utilizing the expertise of Savoy's contracted land department and geological firm, the Company was able to effectively leverage its position to facilitate the execution of this lease and allow Savoy to place other acreage tracts under contract. This joint effort unveils the Company's strategy to potentially gain 10% revenue interest when developed and producing oil.

Arthur B. Bertagnolli, Chief Executive Officer of Savoy Energy Corporation, states, "We are pleased that we were selected to manage the lease acquisition and development process. We look forward to our continued participation in the future leasing and development of Eagle Ford acreage."

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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