Eagle Ford Oil & Gas Corporation Closes Major Acquisition
11 Junho 2012 - 1:19PM
Eagle Ford Oil & Gas Corp. (OTCMarkets:ECCE),
a growing independent oil and gas exploration and production
company, announced today that it has successfully completed a major
acquisition of prospective acreage located in Frio County in South
Texas in the heart of the Eagle Ford Shale oil and gas play.
The Company has acquired an 85% working interest in 3,684 acres
in hydrocarbon rich Frio County, Texas located south of San
Antonio, Texas. The purchase price for the acreage was $6.26
million and is funded by project finance from a private fund.
The acreage lies within the historic Pearsall Field where more
than 200 million barrels of oil equivalent (boe) have been produced
from the prolific Austin Chalk, sourced by the Eagle Ford Shale.
Current success of industry activity in the immediate area
demonstrates a high degree of prospectivity in the Austin Chalk,
Eagle Ford Shale and Buda Lime, all of which are primarily black
oil reservoirs Substantial legacy well data within and adjacent to
the acreage clearly indicate the presence of effective fracture
systems in all three reservoirs. The Company has rights to all
formations including the deeper Pearsall Shale, a condensate-rich
gas reservoir which the industry has just begun to exploit in the
area.
Surrounding new fields currently producing from the three
formations are believed to have EUR's (estimated ultimate recovery)
between 350,000 and 500,000 barrels of oil equivalent per well.
Initial production rates (IP) have ranged from 400 boepd to over
1,000 boepd.
Dr. Ronald Bain, head of the Eagle Ford Oil and Gas technical
team, notes that operators in the surrounding acreage including
Cabot Oil & Gas, Goodrich Petroleum and others have an apparent
100% completion success rate in the three formations. Based on a
nominal 160 acre well spacing, the Company could drill more than 20
wells for each reservoir.
Management Comments
Mr. Paul Williams, CEO of Eagle Ford Oil and Gas, said, "This is
a very exciting day for everyone at Eagle Ford. This acquisition is
the foundation for future growth that we have been looking for
since we completed the merger between Sandstone and Eagle Ford last
year. The fact that the surrounding fields have a 100% success rate
for wells in the three different formations means we have several
years of developmental drilling with little geological risk. With
the world class geotechnical and operational team assembled by
Eagle Ford, I feel confident that this drilling program will yield
immediate and substantial results for our shareholders."
About Eagle Ford Oil & Gas Corporation
Eagle Ford Oil & Gas Corp. engages in exploration and
development of oil and gas production properties. The Company
specializes in acquiring, exploring and developing oil and gas
producing assets in the Gulf Coast region of Texas and Louisiana.
Eagle Ford Oil & Gas has a team comprised of senior
professionals with distinguished records of achievement and success
in the targeted focus area.
Forward-Looking Statements
Investors are cautioned that certain statements contained in
this document as well as some statements in periodic press releases
and some oral statements of ECCE officials are "Forward-Looking
Statements" within the meaning of the Private Securities Litigation
Reform Act of 1995 (the "Act"). Forward-looking statements include
statements which are predictive in nature, which depend upon or
refer to future events or conditions, which include words such as
"believes," "anticipates," "intends," "plans," "expects," and
similar expressions. In addition, any statements concerning future
financial performance (including future revenues, earnings or
growth rates), ongoing business strategies or prospects, and
possible future ECCE actions, which may be provided by management,
are also forward-looking statements as defined by the Act.
Forward-looking statements involve known and unknown risks,
uncertainties, and other factors which may cause the actual
results, performance or achievements of the Company to materially
differ from any future results, performance, or achievements
expressed or implied by such forward-looking statements and to vary
significantly from reporting period to reporting period. Although
management believes that the assumptions made and expectations
reflected in the forward-looking statements are reasonable, there
is no assurance that the underlying assumptions will, in fact,
prove to be correct or that actual future results will not be
different from the expectations expressed in this report. These
statements are not guarantees of future performance and ECCE has no
specific intention to update these statements.
CONTACT: Brad Holmes
Energy IR
(713)654-4009
B_holmes@att.net
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