RENO, Nev., June 11, 2012 /PRNewswire/ -- Eagle Oil Holding
Company, Inc. (OTC: EGOH) (the "Company") today announced that it
has received a "Letter of Intent" with a new registered operator in
Texas for the start-up of oil
field operations.
Pursuant to the Agreement, within the next 30 days, and after
the due diligence requirements are completed and approved, the new
Operator plans to begin the reconditioning of an initial group of 5
wells at the Company's East Texas
field, and increase the groups of wells at 5 well intervals, until
the total reaches 20 wells in the first round of development.
Additionally, the Operator plans to also service the compliance
requirements of the Texas Rail Road Commission.
The Agreement represents the continuing Company strategy to
capitalize on its oil assets through outsourcing the reconditioning
of its wells and restoring pumping operations with no additional
capital from the Company. The Agreement will potentially
include up to 120 wells. More details will be forth coming in the
next few weeks.
About Eagle Oil: Eagle Oil (EGOH) (www.eagleoilholdingco.com) is
an independent energy company in the 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.
The Operator is a Texas company
that has been active in the US oil and gas market, including its
own energy operations and production.
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.