HOUSTON, Feb. 23, 2011 /PRNewswire/ -- Savoy Energy
Corporation (OTC Bulletin Board: SNVP) an independent oil and gas
Company announces today the signing of a Letter of Intent to
acquire a 215 acre lease in Central
Texas. This lease has been identified as being within
the "oil window" of the Eagle Ford Shale Formation and is
contiguous to other acreage under contract.
Arthur B. Bertagnolli, Chief
Executive Officer of Savoy Energy Corporation, states, "This
acreage tract is a contiguous part of one of three separate units
we are putting together for future development. The key factors
presented by the geological data obtained are in-line with other
successful EFS wells drilled, completed and produced in
Central Texas and should mitigate
the drilling risk involved. Although the Eagle Ford Shale formation
is the primary area of focus, the Austin Chalk and Buda formations are also prevalent in this
acreage. Successful development of these units will allow us to
continue to use this model as we continue to grow."
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