Eagle's primary area of interest is in the Woodbine Sands located in the state of Texas, known as the Siler Lease. On December 31, 2005 the Company acquired the total leased acreage of 957 gross acres and 130 wells in Rusk County Texas. All of this acreage is "developed acreage.
The Company completed reconditioning its first wells during May 2005. The Company uses outside operators and we own a 78% working interest in these wells. A report prepared by TEC Engineering, indicated that the Siler Lease, has approximately 12.5 million barrels of oil. The wells average approximately a 4% - 10% cut rate. This is a good ratio, as the water is re-injected back into the oil strata to maintain good underground pressures and oil flow. The circulation of the water back into the ground has enabled the field to continue the production over the decades.
RENO, Nev., December 1, 2011 - Eagle Oil Holding Company, Inc. (OTC: EGOH) (the "Company") today announced that it has received confirmation that Questus Energy LLC ("Questus") its Farmout Agreement partner, will be commencing field development.
Questus will begin the reconditioning of the electrical grid that had been damaged in past Texas wild fires, and will also service the compliance requirements of the Texas Rail Road Commission that held up production in the past.
The Agreement allows Questus to perform operations under the Texas P4 and P6 "operators' permission" to restore pumping. The electrical restoration may take up to a week to conclude, but pumping can begin immediately upon completion.
About Eagle Oil: Eagle Oil (EGOH) (www.eagleoilholdingco.com) is an independent energy company in the active East Texas oil and gas region. The Company owns a 73% working interest in 173 wells on its 927 acres located in the Historic Woodbine Oil Field.
Statements in this press release that are not statements of historical or current fact constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the actual results of the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes," "should," "intends," "will," or "plans" to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company's reports and registration statements filed with the Securities and Exchange Commission.
Contact: Eagle Oil Holding Company, Inc. (209) 736-4530
Oil field development on pre-existing fields.
|Market Value1 ||$438,733 ||a/o Jun 08, 2012 |
|Shares Outstanding ||313,380,940 ||a/o May 31, 2012 |
|Float ||62,300,080 ||a/o Apr 21, 2011 |
|Authorized Shares ||500,000,000 ||a/o May 31, 2012 |