RENO, Nev., March 3, 2011 /PRNewswire/ -- Eagle Oil Holding Company, Inc. (Pink Sheets: EGOH) (the "Company") announced today that as a result of oil prices approaching record levels, it has been receiving renewed interest from potential partners interested in operating the Company's East Texas oil field. The Company's oil assets consist of interests in 173 wells on 927 acres located in the Historic Woodbine Oil Field, in East Texas. The Company's goal is to partner with an existing oil field development company to finance and manage the restoration of the Company's oil wells.
President Brian Wilmot stated, "As a result of the steadily rising price of oil over the last few months to near record levels, we have already received interest from three potential oil field development partners. We will continue discussions with potential partners until reach agreement with a company that has both the financial and technical resources to re-establish oil operations in our 927 acre East Texas oil field."
About Eagle Oil Holding Company
Eagle Oil (EGOH) (www.eagleoilholdingco.com) 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 a 78% working interest in 173 wells on its 927 acres located in the Historic Woodbine Oil Field. The Company's goal is to recondition and restore production at all of its wells. Engineering reports show that Eagle Oil's East Texas field contains over 12,000,000 barrels of 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.
Eagle Oil Holding Company, Inc. (209) 736-4530
SOURCE Eagle Oil Holding Company, Inc.