ECCO Nixes LOI to Purchase Samurai Assets Due to Market Conditions



On February 11, 2009, ECCO Energy Corp announced that they had signed a letter of intent to purchase properties from Samurai Corp, Inc., including the working interests in the properties previously owned by Lake Fork Resources, LLC in Ohio and the M-J Oil Company, also in Ohio.

Today, ECCO's President, Sam Skipper announced, "Due to market conditions, we do not feel that the completion of the transaction will be in the best interest of ECCO Energy and its shareholders. Eventually, this acquisition will make an excellent fit in the ECCO inventory of oil and gas producing operations. However, with the current uncertainty in the energy industry, we feel our duties require us to postpone indefinitely this transaction."
 


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