RENO, Nev., Oct. 25, 2011 /PRNewswire/ -- Eagle Oil Holding
Company, Inc. (OTC: EGOH) (the "Company") today announced that its
Farmout partner Questus Energy LLC ("Questus") expects to commence
on the "work-over" of five wells this month. The specific work to
be performed is dependent upon the condition of each well, but
includes well cleaning and servicing submersible pumps. As the
work-overs are completed, the wells will be brought back into
production.
According to Eagle President Brian
Wilmot "the commencement of field work by Questus is a major
step for Eagle Oil and represents the culmination of two and
one-half years worth of effort to restore the production of oil
from our East Texas oil field."
All oil produced from the wells will be stored on the Company's
property until permission to sell is granted by the Texas Rail Road
Commission, which is expected once compliance requirements are
completed. The Company's Farmout Agreement with Questus covers up
to 120 of the 173 wells owned by the Company.
The Company also announced that it has terminated its Farmout
agreement with Nitro Capital Partners for lack of payment. The
Nitro agreement covered up to 20 additional wells not included with
the Questus Agreement.
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.