Savoy announced 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, stated, "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."
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