HOUSTON, Sept. 14 /PRNewswire/ -- Eagle Ford Oil & Gas Corp. (OTC Bulletin Board: ECCE) announced that it has reached and signed agreements to convert $799,835 of notes payable and accrued interest into 857,277 shares of Eagle Ford Oil & Gas common stock. This represents approximately forty percent of the existing non secured notes payable and related accrued interest that were reported in our June 30, 2010 10-Q.
Eagle Ford Oil & Gas Corp also announced that it had completed the conversion of its Preferred A stock, adding 100,000 shares of common stock in exchange.
Management Comments
President Rick Adams said, "The conversion of the existing debt is proceeding and we hope to have more conversions announced in the near future. These conversions are important to our plans to strengthen our balance sheet which will allow us to raise additional capital in order to continue developing the Eagle Ford Shale properties."
About Eagle Ford Oil & Gas Corp.
Eagle Ford Oil & Gas Corp. is a growing independent oil and gas exploration and production company headquartered in Houston, Texas. The Company is engaged in the acquisition, development and production of oil and natural gas reserves. The Company's primary area of focus is the Eagle Ford Shale area of South Texas.
Forward Looking Statements
The information may include forward-looking statements, which are subject to known and unknown risks and uncertainties that could cause actual results to differ materially. We refer you to the discussion of risk factors that could affect future operating or financial performance in our most recent prospectus and Form 10-K and other SEC Filings. Eagle Ford Oil & Gas Corp. assumes no obligation to update any forward-looking statements made here as a result of new information or future events or developments. You will find a reconciliation of any Non-GAAP financial measure, as defined by the SEC in Regulation G, to the most directly comparable GAAP number in Reconciliation of Non-GAAP Financial Measures.
Web site: http://www.efogc.com/
Eagle Ford Oil & Gas Corp.
CONTACT: Investors, Brad Holmes, +1-713-304-6962, b_holmes@att.net, for
Eagle Ford Oil & Gas Corp.
Web Site: http://www.efogc.com/
