Savoy Energy Corp. Reduces Debt and Obtains Initial Funding From New Sources
10 Febrero 2010 - 6:00AM
Marketwired
Savoy Energy Corporation (OTCBB: SNVP) announced today that the
company has successfully extinguished the note owed to Lucas
Energy, Inc. (Lucas) in the amount of $117,404.95. This note was
extinguished through the transfer of 16% working interest in
Savoy's three producing wells to Lucas.
"With the extinguishing of this debt, Savoy Energy Corporation
eliminates the necessity of incrementally reducing this debt and
enjoys a decreased burden on our cash flow. At this time, we are
looking into extinguishing other debt in a similar manner once new
assets have been acquired," stated Arthur B. Bertagnolli, CEO of
Savoy Energy Corporation.
"In addition, the company closed on an initial tranche of
funding from several new sources with prior successful funding
experience in the energy sector. We are hopeful that these new
sources will provide us with additional resources that will enable
us to shorten the time required to acquire new and previously
identified assets."
About Savoy Energy Corporation
Savoy Energy Corporation (OTCBB: SNVP) is an independent oil and
gas company building a diversified portfolio of valuable oil and
gas assets in the United States. The company is focused on
identifying abandoned oil and gas assets, which are then brought
online through recompletion and work-over activities, a meticulous
process of evaluation, application of modern well technology, and
stringent management controls. This process allows the company to
increase its asset base and cash flow, while significantly reducing
the cost of initial drilling, and takes away the risk of
traditional exploration projects. Savoy Energy's financial
structure allows it to minimize the high overhead of traditional
E&P companies. (www.savoyenergycorp.com)
Forward-Looking Statement: The statements in the press release
that relate to the Company's expectations with regard to the future
impact on the Company's results from acquisitions or actions in
development are forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. The
statements in this document may also contain "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
When used in this press release, the words "anticipate," "believe,"
"estimate," "may," "intend," "expect" and similar expressions
identify such forward-looking statements. Forward-looking
statements are subject to risks, uncertainties, and other factors
that could cause actual results to differ materially from those
contained in such statements. Such risks, uncertainties, and
factors include, but are not limited to, future capital needs,
changes, and delays in product development plans and schedules, or
market acceptance.
Website: http://www.savoyenergycorp.com
Contact: Corporate office Arthur B. Bertagnolli 1-713-243-8788
for Savoy Energy Corporation
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