Eagle Ford Oil & Gas Corporation Receives Letter of Commitment From EM Capital Management
April 15 2013 - 1:00PM
Eagle Ford Oil & Gas Corp. (OTCMarkets:ECCE),
a growing independent oil and gas exploration and production
company, has received and executed a formal letter of commitment
from EM Capital Management, a division of EMCH Investment
Corporation.
The binding letter of commitment would provide funding in the
amount of $22 million to be used in the initial phase of the
development and exploitation of oil and gas assets in the Company's
acreage in Frio County, Texas known as the East Pearsall
Project.
As previously announced, the Company has leased a total of 3,684
acres located in Frio County, Texas. The Company has an 85% working
interest and is the operator. The acreage lies within the historic
Pearsall Field and features three formations which are highly
productive in the area, the Austin Chalk, Eagle Ford Shale and Buda
Lime, all of which are primarily black oil reservoirs. The Company
has rights to all formations and all depths including the deeper
Pearsall Shale, a condensate rich gas reservoir. Fields surrounding
this acreage are currently producing from all three formations with
estimated ultimate recovery of between 120,000 and 500,000 barrels
of oil per well. Operators in this surrounding acreage have an
apparent 100% success rate in the three formations. Based on
nominal 160 acre spacing, the Company would have more than 20 well
locations for each reservoir.
EMCH Investment Corporation is a privately held investment
holding corporation that invests in growth and startup companies in
oil and gas, transportation, hospitality, food service,
agriculture, manufacturing, distribution, real estate and financial
services.
Management Comments
Mr. Paul Williams, CEO of Eagle Ford Oil and Gas said, "We are
obviously excited about executing this letter of commitment, we
have been actively searching for the financing that will allow us
to effectively begin development of our East Pearsall Project in a
manner that if most beneficial to our shareholders. This financing
allows us to drill our first three to four wells on the acreage and
establish production, cash flow and reserves and make this acreage
the cornerstone for Eagle Ford Oil and Gas."
Mr. Erick Moore, Managing Partner of EM Capital said; "We are
very excited about this opportunity, Eagle Ford Oil & Gas
represents the kind of company we want to partner with, an
excellent management team that includes some of the industry's
leading technical experts. Combine this with their East Pearsall
Project which holds incredible potential based on well results from
operators in surrounding acreage and you have a startup company
with incredible near term growth potential."
About Eagle Ford Oil & Gas Corporation
Eagle Ford Oil & Gas Corp. engages in exploration and
development of oil and gas production properties. The Company
specializes in acquiring, exploring and developing oil and gas
producing assets in the Gulf Coast region of Texas and Louisiana.
Eagle Ford Oil & Gas has a team comprised of senior
professionals with distinguished records of achievement and success
in the targeted focus area.
Forward-Looking Statements
Investors are cautioned that certain statements contained in
this document as well as some statements in periodic press releases
and some oral statements of ECCE officials are "Forward-Looking
Statements" within the meaning of the Private Securities Litigation
Reform Act of 1995 (the "Act"). Forward-looking statements include
statements which are predictive in nature, which depend upon or
refer to future events or conditions, which include words such as
"believes," "anticipates," "intends," "plans," "expects," and
similar expressions. In addition, any statements concerning future
financial performance (including future revenues, earnings or
growth rates), ongoing business strategies or prospects, and
possible future ECCE actions, which may be provided by management,
are also forward-looking statements as defined by the Act.
Forward-looking statements involve known and unknown risks,
uncertainties, and other factors which may cause the actual
results, performance or achievements of the Company to materially
differ from any future results, performance, or achievements
expressed or implied by such forward-looking statements and to vary
significantly from reporting period to reporting period. Although
management believes that the assumptions made and expectations
reflected in the forward-looking statements are reasonable, there
is no assurance that the underlying assumptions will, in fact,
prove to be correct or that actual future results will not be
different from the expectations expressed in this report. These
statements are not guarantees of future performance and ECCE has no
specific intention to update these statements.
CONTACT: Investor Contact:
Brad Holmes
Energy Ir
(713)654-4009
B_holmes@att.net
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