Eagle Oil Holding Company, Inc. received a “Letter of Intent” with a new registered operator in Texas for start-up of oil field operations. Within 30 days, upon the completion and approval of due diligence requirements, the new operator is expected to begin the reconditioning of an initial group of five wells at the company’s East Texas field. The operator will increase the groups of wells at five well intervals, until reaching a total of 20 wells within the first round of development. The operator will also service the Texas Rail Road Commission compliance requirements.
Eagle Oil Holding Company has planned to capitalize on its oil assets through outsourcing the reconditioning of its wells and restoring pumping operations without investing further capital. The agreement will potentially include up to 120 wells.