Savoy has signed a Letter of Intent to acquire 100% of the working interest of the Wright Well in Gonzalez County, Texas from Lucas Energy, Inc. This pending transaction would increase Savoy Energy's current working interest by 65% and would give the company full control of a producing well with extensive reserves of both gas and sweet crude oil.
The Wright Well rests on 485 acres of prime Texas oil real estate located on the famed Austin Chalk, a long time oil and gas producing tract near San Antonio. The oil reserves for the well are estimated at 81,780 Mbbl while the gas reserves are an estimated 29,770 MMcf. Savoy Energy approximates that the potential daily production of the well will be in the 40 to 50 barrels per day range.
"Upon completion of this definitive agreement, Savoy will place the most efficient and productive equipment on the well to ensure the maximum flow of oil. At this stage, the sweet crude is naturally flowing to the surface on its own," stated Art Bertagnolli, CEO of Savoy Energy Corporation.
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