Savoy announced the signing of a Letter of Intent to acquire a 187 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.
"The addition of this acreage to one of our units provides the contiguous growth necessary to achieve optimal size needed for development. As with other tracts we are in the process of acquiring, this tract also maintains the same positive geological data with reference to the Eagle Ford Shale. The location of this unit, being within the same geological trend as other successful EFS wells, creates a positive outlook for successful development," stated Arthur B. Bertagnolli, Chief Executive Officer of Savoy Energy Corporation.
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