Eagle Oil Holding Company, Inc. (OTC: EGOH) (the "Company") today announced that it has received a "Letter of Intent" with a new registered operator in Texas for the start-up of oil field operations.
Pursuant to the Agreement, within the next 30 days, and after the due diligence requirements are completed and approved, the new Operator plans to begin the reconditioning of an initial group of 5 wells at the Company's East Texas field, and increase the groups of wells at 5 well intervals, until the total reaches 20 wells in the first round of development. Additionally, the Operator plans to also service the compliance requirements of the Texas Rail Road Commission.
The Agreement represents the continuing Company strategy to capitalize on its oil assets through outsourcing the reconditioning of its wells and restoring pumping operations with no additional capital from the Company. The Agreement will potentially include up to 120 wells. More details will be forth coming in the next few weeks.
About Eagle Oil: Eagle Oil (EGOH) (www.eagleoilholdingco.com) is an independent energy company in the 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.
The Operator is a Texas company that has been active in the US oil and gas market, including its own energy operations and production.
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