HOUSTON, Dec. 1, 2010 /PRNewswire-FirstCall/ -- Savoy Energy Corporation (OTC Bulletin Board :SNVP ) independent oil and gas Company announces today that on November 26th, 2010 the Company completed a 300-acre lease acquisition in Central Texas. This lease is within the "oil window" of the Eagle Ford Shale Formation and was made on the behalf of an undisclosed privately held Oil and Gas Company as part of a joint effort with Savoy to perform geological studies and development for potential oil production.
By utilizing the expertise of Savoy's contracted land department and geological firm, the Company was able to effectively leverage its position to facilitate the execution of this lease and allow Savoy to place other acreage tracts under contract. This joint effort unveils the Company's strategy to potentially gain 10% revenue interest when developed and producing oil.
Arthur B. Bertagnolli, Chief Executive Officer of Savoy Energy Corporation, states, "We are pleased that we were selected to manage the lease acquisition and development process. We look forward to our continued participation in the future leasing and development of Eagle Ford acreage."
About Savoy Energy Corporation
Savoy Energy Corporation (OTC.BB:SNVP) 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
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 needs, changes, and delays in product development plans and schedules, or market acceptance.
SOURCE Savoy Energy Corporation