HOUSTON, March 3, 2011 /PRNewswire/ -- Savoy Energy Corporation (OTC Bulletin Board: SNVP) an independent oil and gas Company announces today the signing of a Letter of Intent to acquire a 187 acre lease in Central Texas. This lease has been identified as being within the "oil window" of the Eagle Ford Shale Formation and is contiguous to other acreage under contract.
"The addition of this acreage to one of our units provides the contiguous growth necessary to achieve optimal size needed for development. As with other tracts we are in the process of acquiring, this tract also maintains the same positive geological data with reference to the Eagle Ford Shale. The location of this unit, being within the same geological trend as other successful EFS wells, creates a positive outlook for successful development," stated Arthur B. Bertagnolli, Chief Executive Officer of Savoy Energy Corporation.
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