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http://www.otcmarkets.com/stock/EGOH/news/Corporate-Update?id=96228


Corporate Update

Feb 02, 2015
OTC Disclosure & News Service

Reno, NV -

Eagle Oil Holding Company Inc. (EGOH:OTC) provides a Corporate Update

Eagle Oil Company Inc.(EGOH:OTC) is pleased to provide the following corporate update:

As the price of oil has fallen in recent months, and is expected to remain significantly depressed for some time, Eagle Oil has found it prudent to reexamine its current holdings and efforts. Eagle Oil owns a Net Revenue Interest in a producing lease but we expect production to shut down temporarily as a result of the marginal costs being greater than the price of oil. However, our NRI will remain in effect for the lease and we expect that production will resume when oil prices rebound. Further, we are still owed monies from this lease due to the sale of oil to the refineries and, while we are still aggressively pursuing the Hyams Family Trust, we have not yet reached a settlement agreement. In addition, we do not have title to the Frank Farm lease which means that we will not be liable for any requirements including the plugging of wells or other demands of the Department of Environmental Protection. Similarly, if developed and producing oil, this lease will be uneconomical given the current price of oil. Consequently, Eagle Oil is currently examining the risk-benefit ratio of acquiring the lease as an asset with the requirement to plug the wells.

On a more positive note, pursuant to the drop in oil prices, Eagle Oil has been actively seeking acquisitions in different industries and, in particular, has been targeting companies in the entertainment and technology areas. Discussion with various companies has been ongoing and we are expecting to sign a Letter of Intent shortly.

Updates will be forthcoming.

Forward- Looking Statements
Safe Harbor Statement: This press release contains forward-looking statements that reflect the Company’s current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Eagle Oil Holding Co. are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company’s control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the
future. Important factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, those factors that are disclosed under the heading “Risk Factors” and elsewhere in documents filed by the Company from time to time with the United States Securities and Exchange Commission.
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