HOUSTON, July 30 /PRNewswire-FirstCall/ -- Savoy Energy Corporation (OTC Bulletin Board: SNVP) announced today that the company hopes to soon upgrade the technology at its Rozella Kifer Well. The company has placed an order for a Jack Shaft Reducer that will be installed on the well. The Jack Shaft Reducer is expected to increase efficiency by 25% while decreasing maintenance by 23-35%. The new technology will also extend the life of the well's production.
The Rozella Kifer Well sits on 193 acres of land in Gonzales County, Texas. Savoy Energy's lease extends for as long as the company conducts operations without cessation for more than 120 days. The oil reserves for the well are estimated at 19,730 Mbbl while the gas reserves are an estimated 3,090 MMcf.
"We are continuously keeping our eye on the bottom line. With today's technology, we can decrease costs associated with pulling oil out of the ground while increasing profits and in turn, shareholder value," stated Art Bertagnolli, CEO of Savoy Energy Corp.
Savoy Energy Corporation recently announced that its representatives and its joint venture, Savoy-Masi Petroleum Corporation Limited, met with The Republic of Fiji Islands Ministry of Lands and Mineral Resources' Netani Sukanaivalu. The conversation included talks about stimulating Fiji's economy through Oil exploration licenses, recompletion, and work-over activities of previously drilled wells.
About Savoy Energy Corporation
Savoy Energy Corporation (BULLETIN BOARD: SNVP) is an independent oil and gas company building a diversified portfolio of valuable 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 recompletion and work-over activities, a meticulous process of evaluation, application of modern well technology, and stringent management controls. This process allows the company to increase its asset base and cash flow, while significantly reducing the cost of initial drilling, and takes away the risk of traditional exploration projects. Savoy Energy's financial structure allows it to minimize the high overhead of traditional E&P companies. (http://www.savoyenergycorp.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.
Savoy Energy Corporation
CONTACT: Investor Relations, e-media Direct, Inc., 1-866-284-2835, for
Savoy Energy Corporation
Web Site: http://www.savoyenergycorp.com/
