TORONTO, Jan. 27 /CNW/ - Eagleford Energy Inc. (OTCBB "EFRDF")
("Eagleford Energy" or the "Company"), announces that it spud its
initial well, the Murphy/Dyami 1-H, on its 100% working interest Murphy
Lease comprising 2,637 acres of land in Zavala County, Texas. The rig
is currently drilling vertically and the Company intends to drill
through the Eagle Ford shale to the Buda formation and log the
Serpentine, Austin Chalk, Eagle Ford shale, and the Buda formations.
The well is subject to a 10% carried interest on the drilling costs
incurred from the surface to the base of the Austin Chalk formation,
and a 3% carried interest on the drilling costs incurred from the top
of the Eagle Ford shale formation and below.
Eric Johnson, VP Operations at Dyami Energy LLC, a Texas based operating
subsidiary of Eagleford Energy, stated, "We have several stacked
targets on the Murphy lease. We intend to log and core the key
formations in the vertical wellbore, and to position the well to be
drilled horizontally as data dictates."
The Company's Murphy Lease is 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 play.
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 31 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