HOUSTON, Dec. 1, 2010 /PRNewswire-FirstCall/ -- Savoy
Energy Corporation (OTC Bulletin Board: SNVP) independent oil and
gas Company announces today that on November
26th, 2010 the Company completed a 300-acre lease
acquisition in Central Texas. This
lease is within the "oil window" of the Eagle Ford Shale Formation
and was made on the behalf of an undisclosed privately held Oil and
Gas Company as part of a joint effort with Savoy to perform
geological studies and development for potential oil
production.
By utilizing the expertise of Savoy's contracted land department
and geological firm, the Company was able to effectively leverage
its position to facilitate the execution of this lease and allow
Savoy to place other acreage tracts under contract. This joint
effort unveils the Company's strategy to potentially gain 10%
revenue interest when developed and producing oil.
Arthur B. Bertagnolli, Chief
Executive Officer of Savoy Energy Corporation, states, "We are
pleased that we were selected to manage the lease acquisition and
development process. We look forward to our continued participation
in the future leasing and development of Eagle Ford acreage."
About Savoy Energy Corporation
Savoy Energy Corporation (OTC.BB:SNVP) is an independent oil and
gas company whose strategy is to build a diversified portfolio of
oil and gas assets in the United
States. The company is focused on identifying abandoned oil
and gas assets, which are then brought online through re-completion
and work-over activities. The company seeks to accomplish this
through a process of evaluations and applications of modern well
technologies and effective management controls. The company seeks
to increase its asset base and cash flow, while significantly
reducing the cost of initial drilling. By following this process,
the company seeks to minimize the risk of traditional exploration
projects and while limiting corporate overhead. For more
information visit the Company's web site at:
www.savoyenergycorporation.com
Forward-Looking Statement
The statements in the press release that relate to the Company's
expectations with regard to the future impact on the Company's
results from acquisitions or actions in development are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. The statements in this
document may also contain "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. When used in this press
release, the words "anticipate," "believe," "estimate," "may,"
"intend," "expect" and similar expressions identify such
forward-looking statements. Forward-looking statements are subject
to risks, uncertainties, and other factors that could cause actual
results to differ materially from those contained in such
statements. Such risks, uncertainties, and factors include, but are
not limited to, future capital needs, changes, and delays in
product development plans and schedules, or market acceptance.
SOURCE Savoy Energy Corporation