Eagle Oil Obtains Capital Investment

Eagle Oil has received an investment of capital sufficient to cover the costs associated with commencing pumping and oil production at its first four wells. With this investment, the Company will complete any remaining repairs necessary and will then commence pumping. The Company previously received clearance from the Texas Railroad Commission to recommence production at the wells. The Company's operating plan is to next re-open a group of six wells, as the first steps towards reconditioning and recommencing operations on all 173 wells in its West Texas oil field.

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