Savoy Energy Corp. Orders Technology Upgrade for Rozella Kifer Well to Increase Efficiency and Reduce Costs
31 July 2009 - 7:07AM
PR Newswire (US)
HOUSTON, July 30 /PRNewswire-FirstCall/ -- Savoy Energy Corporation
(OTC Bulletin Board: SNVP) announced today that the company hopes
to soon upgrade the technology at its Rozella Kifer Well. The
company has placed an order for a Jack Shaft Reducer that will be
installed on the well. The Jack Shaft Reducer is expected to
increase efficiency by 25% while decreasing maintenance by 23-35%.
The new technology will also extend the life of the well's
production. The Rozella Kifer Well sits on 193 acres of land in
Gonzales County, Texas. Savoy Energy's lease extends for as long as
the company conducts operations without cessation for more than 120
days. The oil reserves for the well are estimated at 19,730 Mbbl
while the gas reserves are an estimated 3,090 MMcf. "We are
continuously keeping our eye on the bottom line. With today's
technology, we can decrease costs associated with pulling oil out
of the ground while increasing profits and in turn, shareholder
value," stated Art Bertagnolli, CEO of Savoy Energy Corp. Savoy
Energy Corporation recently announced that its representatives and
its joint venture, Savoy-Masi Petroleum Corporation Limited, met
with The Republic of Fiji Islands Ministry of Lands and Mineral
Resources' Netani Sukanaivalu. The conversation included talks
about stimulating Fiji's economy through Oil exploration licenses,
recompletion, and work-over activities of previously drilled wells.
About Savoy Energy Corporation Savoy Energy Corporation (OTC:SNVP)
(BULLETIN BOARD: 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.
(http://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.
DATASOURCE: Savoy Energy Corporation CONTACT: Investor Relations,
e-media Direct, Inc., 1-866-284-2835, for Savoy Energy Corporation
Web Site: http://www.savoyenergycorp.com/
Copyright