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Savoy Signs LOI to Acquire 135 Acre Lease in Texas

Source: www.gulfoilandgas.com 1/10/2011, Location: North America

Savoy Energy Corporation, an independent oil and gas Company, announces it has signed a Letter of Intent to acquire a 135 acre lease in Central Texas. The lease includes proven non-producing reserves in the Austin Chalk formation. Geological studies performed have identified this lease as being within the "oil window" of the Eagle Ford Shale Formation. The Company's strategy to place potentially valuable Eagle Ford acreage under contract continues with this lease.

Arthur B. Bertagnolli, Chief Executive Officer of Savoy Energy Corporation, states, "This acreage is exciting for multiple reasons: Location within the Eagle Ford Shale Formation, the possible re-entry and re-completion of the existing vertical well bore and the future development of the remaining acreage. With the completion of this lease acquisition, the Company will continue to demonstrate the ability to pool its resources and stay on course."

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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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