TORONTO, April 8 /CNW/ - Eagleford Energy Inc. (OTCBB "EFRDF") ("Eagleford Energy" or the
"Company") announces that it has entered into a Farmout Agreement (the
"Farmout") from surface to the base of the San Miguel formation (the
"San Miguel")on the Matthews Lease located in Zavala County, Texas.
Under the Farmout, the farmee may spend up to $1,050,000 on exploration
and development of the San Miguel formation to earn a maximum of 42.50%
working interest (31.875% net revenue interest).
Under the terms of the Farmout, the farmee may earn an initial 25% of
the Company's working interest in the San Miguel by paying 100% of the
costs to drill, complete, equip and perform an injection on a vertical
test well to a depth of approximately 3,500 feet (the "Initial Test
After the performance of the Initial Test Well, the farmee may increase
its working interest to 50% of the Company's working interest by
spending the entire $1,050,000 on additional operations on the San
Miguel in a good faith effort to produce hydrocarbons.
The Company's Matthews and Murphy Leases are situated in northeast
Zavala County, Texas, and is part of the Maverick Basin of Southwest
Texas, downdip from the United States Geological Studies north boundary
of the Smackover-Austin-Eagle Ford total petroleum system. This area is
often referred to as the oil window of the present Eagle Ford shale
About Eagleford Energy Inc.
Eagleford Energy Inc. is a growth orientated oil and gas company with a
focus on growing hydrocarbon reserves, cash flow, and net asset value
per share through exploration and production of mineral properties in
South Texas. There are approximately 33 million shares issued and
outstanding in the capital of the Company.
Certain information regarding the Company in this news release may
constitute forward-looking statements under applicable securities laws.
The forward-looking information includes, without limitation,
projections or estimates made by us and our management in connection
with our business operations. Various assumptions were used in drawing
the conclusions or making the forecasts and projections contained in
the forward-looking information contained in this press release, which
assumptions are based on management analysis of historical trends,
experience, current conditions and expected future developments
pertaining to the Company and the industry in which it operates as well
as certain assumptions as specifically outlined in the release above.
Forward-looking information is based on current expectations, estimates
and projections that involve a number of risks, which could cause
actual results to vary and in some instances to differ materially from
those anticipated by the Company and described in the forward-looking
information contained in this press release. Undue reliance should not
be placed on forward-looking information, which is not a guarantee of
performance and is subject to a number of risks or uncertainties.
Readers are cautioned that the foregoing list of risk factors is not
exhaustive. Forward-looking information is based on the estimates and
opinions of the Company's management at the time the information is
released and the Company disclaims any intent or obligation to update
publicly any such forward-looking information, whether as a result of
new information, future events or otherwise, other than as expressly
required by applicable securities laws.
SOURCE Eagleford Energy Inc.
For further information:
Eagleford Energy Inc.
Facsimile: 416 364-8244