Eagle Oil Holding Company, Inc. (formerly Ford Spoleti Holdings, Inc.) has made substantial progress towards re-opening its first four production wells in its East Texas oil field. The steps being taken by the Company include leasing additional equipment, field testing wells for integrity of the "down hole" tubing and casing, and cleaning and testing of storage tanks in preparation for oil/water storage. This process is expected to take several weeks to complete, but will put the oil field in compliance with Texas regulators.
Upon completion of these steps, the Company will be able to re-start oil production at the four wells and start preparing an additional five wells for production. In total, the Company’s oil field has over 170 wells available for reconditioning and being brought back online. Engineering reports show that Eagle Oil’s East Texas field contains over 12,000,000 barrels of recoverable oil, valuing the recoverable oil at over $760 million at current market prices of approximately $64 a barrel.
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