HOUSTON, Dec. 1, 2010 /PRNewswire-FirstCall/ -- Eagle Ford Oil & Gas Corp. (BULLETIN BOARD: ECCE) announced that it has signed a letter of intent for the acquisition of a 25% non-operated working interest in 5,990 acre lease position in Borden County, Texas. Currently there are plans to drill two wells to test the productivity of the producing zones during the first quarter of 2011. The property has two oil producing formations: the Mississippian Fractured Carbonates and the prolific Wolfberry Formation. The Mississippian well is designed as a tri-lateral horizontal and the Wolfberry well will use multi-stage fracturing techniques to maximize estimated ultimate recoveries. This acreage position will support thirty-seven additional locations.
Management Comments
Eagle Ford Oil & Gas President Rick Adams commented, "This acquisition represents both another step in the execution of our business strategy as well as a major expansion of our reserve position through horizontal drilling and multi-stage fracturing technologies in the Eagle Ford Shale and now the Fractured Mississippian Carbonates and the Wolfberry Formation. We expect the development of this Borden County Play to greatly enhance our growth potential over the next few years. "
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 but is expanding its geographic footprint to include similar opportunities in the Permian Basin that offer reserve diversification.
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/
