TORONTO, Oct. 15 /PRNewswire/ - Eagleford Energy Inc. (OTCBB "EFRDF") ("Eagleford Energy" or the "Company"), announces that today it spud its initial well, the Mathews/Dyami 1-H, on it 85% working interest (69% after payout) Matthews Lease comprising 2,629 acres of land in Zavala County, Texas. The rig is currently drilling vertically and the Company intends to continue through the Eagle Ford shale and log the San Miguel sands, the Austin Chalk, and the Eagle Ford before extending approximately 4,000 feet horizontally across the Eagle Ford shale formation.
Eric Johnson, VP Operations at Dyami Energy LLC, a Texas based operating subsidiary of Eagleford Energy, stated, "We are going with first rate services from experienced companies on this well such as running a suite of logs from Schlumberger (NYSE: SLB). We're excited to gather important petro-physical data from several formations including the Eagle Ford shale, which is our prime target. After coring and logging, we intend to extend horizontally through the Eagle Ford shale and install a multi stage Frac Point System from Baker Hughes (NYSE: BHI). It is estimated that this frac system may significantly reduce frac costs, thereby enhancing the economic returns anticipated from the Eagle Ford shale."
The Company's Matthews Lease in Zavala County is situated adjacent to the Redhawk land block under development by Petrohawk Energy Corporation (NYSE: HK). Zavala County, Texas is part of the Maverick Basin of Southwest Texas and downdip from the United States Geological Studies north boundary of the Smackover-Austin-Eagle Ford total petroleum system. This area is often referred to as the oil window of the present Eagle Ford shale play.
About Eagleford Energy Inc. ---------------------------
Eagleford Energy Inc. is a growth orientated oil and gas company with a focus on growing hydrocarbon reserves, cash flow, and net asset value per share through exploration and production of mineral properties in South Texas. There are approximately 30.9 million shares issued and outstanding in the capital of the Company.
Certain information regarding the Company in this news release may constitute forward-looking statements under applicable securities laws. The forward-looking information includes, without limitation, projections or estimates made by us and our management in connection with our business operations. Various assumptions were used in drawing the conclusions or making the forecasts and projections contained in the forward-looking information contained in this press release, which assumptions are based on management analysis of historical trends, experience, current conditions and expected future developments pertaining to the Company and the industry in which it operates as well as certain assumptions as specifically outlined in the release above. Forward-looking information is based on current expectations, estimates and projections that involve a number of risks, which could cause actual results to vary and in some instances to differ materially from those anticipated by the Company and described in the forward-looking information contained in this press release. Undue reliance should not be placed on forward-looking information, which is not a guarantee of performance and is subject to a number of risks or uncertainties. Readers are cautioned that the foregoing list of risk factors is not exhaustive. Forward-looking information is based on the estimates and opinions of the Company's management at the time the information is released and the Company disclaims any intent or obligation to update publicly any such forward-looking information, whether as a result of new information, future events or otherwise, other than as expressly required by applicable securities laws.
SOURCE Eagleford Energy Inc.