Savoy Energy Corporation Signs Letter of Intent to Acquire 135 Acre Lease in Central Texas
Lease Provides Access to Austin Chalk and Eagle Ford Shale Formations
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Press Release Source: Savoy Energy Corporation On Monday January 10, 2011, 10:09 am EST
HOUSTON, Jan. 10, 2011 /PRNewswire/ -- Savoy Energy Corporation (OTC Bulletin Board:SNVP.ob - News) an independent oil and gas Company announces today 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."
About Savoy Energy Corporation
Savoy Energy Corporation (OTC.BB:SNVP.ob - News) is an independent oil and gas company whose strategy is to build a diversified portfolio of oil and gas assets in the United States. The company is focused on identifying abandoned oil and gas assets, which are then brought online through re-completion and work-over activities. The company seeks to accomplish this through a process of evaluations and applications of modern well technologies and effective management controls. The company seeks to increase its asset base and cash flow, while significantly reducing the cost of initial drilling. By following this process, the company seeks to minimize the risk of traditional exploration projects and while limiting corporate overhead. For more information visit the Company's web site at: www.savoyenergycorporation.com
Forward-Looking Statement
The statements in the press release that relate to the Company's expectations with regard to the future impact on the Company's results from acquisitions or actions in development are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The statements in this document may also contain "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. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those contained in such statements. Such risks, uncertainties, and factors include, but are not limited to, future capital need
