HOUSTON, Jan. 10, 2011 /PRNewswire/ -- Savoy Energy
Corporation (OTC Bulletin Board: SNVP) an independent oil and gas
Company announces today it has signed a Letter of Intent to acquire
a 135 acre lease in Central Texas.
The lease includes proven non-producing reserves in the Austin
Chalk formation. Geological studies performed have identified
this lease as being within the "oil window" of the Eagle Ford Shale
Formation. The Company's strategy to place potentially valuable
Eagle Ford acreage under contract continues with this lease.
Arthur B. Bertagnolli, Chief
Executive Officer of Savoy Energy Corporation, states, "This
acreage is exciting for multiple reasons: Location within the Eagle
Ford Shale Formation, the possible re-entry and re-completion of
the existing vertical well bore and the future development of the
remaining acreage. With the completion of this lease acquisition,
the Company will continue to demonstrate the ability to pool its
resources and stay on course."
About Savoy Energy Corporation
Savoy Energy Corporation (OTC.BB:SNVP) is an independent oil and
gas company whose strategy is to build a diversified portfolio of
oil and gas assets in the United
States. The company is focused on identifying abandoned oil
and gas assets, which are then brought online through re-completion
and work-over activities. The company seeks to accomplish
this through a process of evaluations and applications of modern
well technologies and effective management controls. The company
seeks to increase its asset base and cash flow, while significantly
reducing the cost of initial drilling. By following this
process, the company seeks to minimize the risk of traditional
exploration projects and while limiting corporate overhead. For
more information visit the Company's web site at:
www.savoyenergycorporation.com
Forward-Looking Statement
The statements in the press release that relate to the Company's
expectations with regard to the future impact on the Company's
results from acquisitions or actions in development are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. The statements in this
document may also contain "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934. When used in this press
release, the words "anticipate," "believe," "estimate," "may,"
"intend," "expect" and similar expressions identify such
forward-looking statements. Forward-looking statements are subject
to risks, uncertainties, and other factors that could cause actual
results to differ materially from those contained in such
statements. Such risks, uncertainties, and factors include, but are
not limited to, future capital needs, changes, and delays in
product development plans and schedules, or market acceptance.
SOURCE Savoy Energy Corporation
