Ford Spoleti Holdings has completed the acquisition of Eagle Oil Holding Company, an oil production company with an oil field in East Texas. Eagle Oil's field is one of the largest in East Texas located on the established Woodbine deposit and consists of over 927 acres. As a result of the acquisition, Eagle Oil became a wholly owned subsidiary of the Company. The Company expects to change its name to Eagle Energy, Inc.
Currently Eagle Oil has four oil wells in production and the field contains more than an additional 100 wells which are available to be reconditioned and brought back online. Engineering reports show that Eagle Oil's field contains over 12,000,000 barrels of recoverable oil, valuing the recoverable oil at over $660 million at current market prices. Work is already commencing on the field. Further information and announcements will be forthcoming about Eagle Oil's progress.
Simultaneous with the acquisition, Anne Ford Spoleti resigned as sole officer and director of the Company and was replaced by Brian Wilmot, an oil industry veteran, as CEO. Shareholders of Eagle Oil received a total of 28,650,000 shares of the Company's common stock as consideration for the acquisition.
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