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EGOH: News Alert! Eagle Oil Announces Letter of Intent for $10 Million Equity Line of Credit
Mon, December 14, 2009 7:29:09 AMFrom: TheSUBWAY.com <[e-mail]>Add to Contacts



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Eagle Oil Announces Letter of Intent for $10 Million Equity Line of Credit
Dec. 14, 2009 (Business Wire) -- Eagle Oil Holding Company, Inc. (OTCBB: EGOH) (the “Company”) announced today that it has entered into a Letter of Intent for an equity financing of up to $10 million from a Boston-based private equity fund.

The financing is subject to the execution of definitive agreements, which are currently being negotiated, and an S-1 registration statement being declared effective by the Securities and Exchange Commission.

The $10 million equity line of credit represents one prong of EGOH’s long term financing strategy and will be used to accelerate the reconditioning of existing oil wells in EGOH’s East Texas oil field and for the acquisition of additional oil and gas properties.

About Eagle Oil Holding Company

Eagle Oil (EGOH) is an independent, growth-oriented energy company engaged in the exploration and production of oil through the development of a repeatable, low geological risk, high potential project in the active East Texas oil and gas region. The Company owns 78% working interests in 173 wells on its 927 acres located in the Historic Woodbine Oil Field. The Company is currently engaged in reconditioning its first four wells at which production will be restarted to be followed by preparing an additional five wells for production. In total, the Company’s oil field has over 170 wells available for reconditioning. Engineering reports show that Eagle Oil’s East Texas field contains over 12,000,000 barrels of recoverable oil, valuing the recoverable oil.

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.





Source: Business Wire (December 14, 2009 - 8:00 AM EST)


Keep EGOH on your radar, More to come!


Happy Trading!



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