RENO, Nev., July 6, 2011 /PRNewswire/ -- Eagle Oil Holding
Company, Inc. (OTC: EGOH) (the "Company") today announced that it
has received an initial payment from Questus Energy LLC ("Questus")
under the Farmout Agreement between the Company and Questus.
Pursuant to the Farmout Agreement, Questus will now begin the
reconditioning of an initial group of 15 oil wells at the Company's
East Texas field. In addition,
Questus will also service the compliance requirements of the Texas
Rail Road Commission.
The Questus Agreement represents the major part of the Company's
new strategy to capitalize on its oil assets through outsourcing
the reconditioning of its oil well and restoring pumping operations
with no additional capital investment by the Company. The
Questus Agreement will potentially cover up to 120 wells. The
Company is also waiting for work to commence under farmout
agreements with two additional parties for up to 20 additional
wells not covered under the Questus Agreement.
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.
About Questus: Questus is a Dallas,
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.