RENO, Nev., May 3, 2011 /PRNewswire/ -- Eagle Oil Holding
Company, Inc. (OTC: EGOH) (the "Company") today announced the
execution of a second "Farm Out" Agreement with Natural Springs
Resources, a Canadian Company to provide funding for additional
operations on our East Texas
field.
This second Farm Out agreement will allow the Company to restart
5 additional oil wells by partnering with Natural, and an
experienced oil field service company. Natural will begin work on
the wells as funding is obtained later this year. Natural is
providing the necessary capital and resources to restore the
pumping operations with no additional capital investment by the
Company. Natural would share in the revenue generated by the well
production. Since the Natural agreement is well specific, and
non-exclusive, the development will not interfere with the Nitro
Capital Partners agreement or any other wells allocated to any
future partners.
Natural is affiliated with a European group that has been
desirous of entering the US market in oil and gas production and
can provide new sources of developmental capital to Eagle Oil.
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.