Eagle Oil Holding Company, Inc. reported an operations update on the company’s oil and gas activities in the United States. The company is actively developing various fields in Texas.
Eagle Oil Holding Company owns a majority working interest in a 973 acre section of the Woodbine Oil Field located in East Texas. The company controls 173 oil wells at the field.
Eagle Oil Holding Company said that Questus Energy LLC expects to shortly begin work over operations on five wells at the Woodbine Oil Field. The work involved includes well cleaning, submersible pump maintenance and other repairs that will vary based on the condition of the well.
Eagle Oil Holding Company signed a farm out agreement with Questus Energy LLC and received first payment from the company in July 2011. The deal covers 120 wells owned by the company at the Woodbine Oil Field.
Eagle Oil Holding Company will store any crude oil produced on its properties until the company meets compliance requirements as mandated by the Texas Rail Road Commission.
Eagle Oil Holding Company also announced that the company has cancelled a similar farm out agreement with Nitro Capital Partners Inc. involving twenty wells at the Woodbine Oil Field. The company said that it cancelled the agreement due to non payment by Nitro Capital Partners Inc.
For more information on the company, go to www.eagleoilholdingco.com
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