RENO, Nev., June 9, 2011 /PRNewswire/ -- Eagle Oil Holding
Company, Inc. (OTC: EGOH) (the "Company") today announced the
execution of a Farmout Agreement with Questus Energy LLC, a Texas
Company ("Questus").
Pursuant to the Agreement, Questus will provide the funding and
other resources necessary to recondition and restart up to 173
wells at the Company's East Texas
field, including the previously announced farmout agreements that
totaled up to 20 wells, the Questus Agreement represents the
completion of the Company's strategy to outsource the
reconditioning of its oil resources. The Agreement is subject
to an initial payment being made by Questus by June 22, 2011. The parties expect work on
the wells to commence shortly thereafter. Questus will also
complete the compliance requirements of the Texas Rail Road
Commission.
Questus will provide the necessary capital and resources to
restore the pumping operations with no additional capital
investment by the Company in exchange for a share oil the revenue
generated by the wells.
About Questus: Questus is a Dallas,
Texas company that has been active in the US oil and gas
market, including its own operations and production.
About 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.