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Mon, October 31, 2011Sun, October 30, 2011Sat, October 29, 2011Fri, October 28, 2011Thu, October 27, 2011Wed, October 26, 2011Tue, October 25, 2011Mon, October 24, 2011Sun, October 23, 2011Sat, October 22, 2011Fri, October 21, 2011Thu, October 20, 2011Eagle Oil Announces Commencement of Oil Field Work
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Published in Business and Finance on Tuesday, October 25th 2011 at 20:20 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
Eagle Oil Announces Commencement of Oil Field Work -- RENO, Nev., Oct. 25, 2011 /PRNewswire/ --
Eagle Oil Announces Commencement of Oil Field Work
RENO, Nev., Oct. 25, 2011 /PRNewswire/ -- Eagle Oil Holding Company, Inc. (OTC: EGOH) (the "Company") today announced that its Farmout partner Questus Energy LLC ("Questus") expects to commence on the "work-over" of five wells this month. The specific work to be performed is dependent upon the condition of each well, but includes well cleaning and servicing submersible pumps. As the work-overs are completed, the wells will be brought back into production.
According to Eagle President Brian Wilmot "the commencement of field work by Questus is a major step for Eagle Oil and represents the culmination of two and one-half years worth of effort to restore the production of oil from our East Texas oil field." All oil produced from the wells will be stored on the Company's property until permission to sell is granted by the Texas Rail Road Commission, which is expected once compliance requirements are completed. The Company's Farmout Agreement with Questus covers up to 120 of the 173 wells owned by the Company.
The Company also announced that it has terminated its Farmout agreement with Nitro Capital Partners for lack of payment. The Nitro agreement covered up to 20 additional wells not included with the Questus Agreement.
Eagle Oil (EGOH) ([ www.eagleoilholdingco.com ]) is an independent energy company in the active 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.
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
SOURCE Eagle Oil Holding Company, Inc.
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