Savoy Energy Corporation Secures Revenue Interest in an Estimated Recoverable Reserves of 27,000 Barrels of Oil Equivalent
March 31 2010 - 7:00AM
Savoy Energy Corporation (OTCBB:SNVP) an independent oil and gas
company announces today it has secured working and revenue interest
in a new well with Paragon Petroleum, Inc. of Houston, Texas. Based
on geological reports, the recoverable reserves are estimated to be
27,000 barrels of oil equivalent when on-line and producing. The
Company expects that this well will generate approximately 50
barrels of oil per day and 250 mcf of gas in initial production
after removal of frac fluid.
The Glass 59 #2 well in Sterling County, Texas is operated by
Bright & Company. The Glass 59 #2 well, which has been
drilled to a depth of 6,500 feet, has one producing oil zone and
one producing gas zone. This will be the fourteenth (14th)
producing well that has been drilled within a 5000-acre prospect
area and taps into what is known as the Wolfcamp formation. This
prospect area is located in Sterling and Mitchell counties, Texas.
Testing of the well is expected to be complete within the next
three weeks.
This will be the fourth producing well that Savoy Energy has
working and revenue interest in and is in definitive discussions
with other operators that will increase the Company's total well
interests. Currently Savoy Energy has nearly 53% working
interests in three other producing wells in Gonzales County, Texas
that is producing approximately 40 barrels of oil per day.
"We are excited to participate with Paragon Petroleum on this
project and look forward to future participation on other
projects," said Arthur Bertagnolli, CEO Savoy Energy
Corporation.
About Savoy Energy Corporation
Savoy Energy Corporation (OTCBB:SNVP) is an independent oil and
gas company building a diversified portfolio of valuable 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 recompletion and work-over activities, a meticulous
process of evaluation, application of modern well technology, and
stringent management controls. This process allows the company to
increase its asset base and cash flow, while significantly reducing
the cost of initial drilling, and takes away the risk of
traditional exploration projects. Savoy Energy's financial
structure allows it to minimize the high overhead of traditional
E&P companies. For more information visit the Company's web
site at: www.savoyenergycorporation.com
Forward-Looking Statement
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.
CONTACT: IR Pro 2.0
Henry Harrison
407-682-2001
hharrison@insidewallstreet.com
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