HOUSTON, Oct. 24, 2012 (GLOBE NEWSWIRE) -- Eagle Ford Oil & Gas Corp. (OTCMarkets:ECCE), a growing independent oil and gas exploration and production company, announced today that it has received modified terms relating to the Company's efforts to acquire drilling funds for their leasehold in Frio County, Texas.
As previously announced, the Company has an 85% working interest in 3,684 acres in hydrocarbon rich Frio County, Texas located south of San Antonio, Texas. The purchase price for the acreage was $6.26 million and is funded by project finance from a private fund. Under the original terms the Company was required to raise $21.5M by December 4, 2012 to fund drilling. Under the modified terms, that amount has been reduced to $10.5M enhancing the Company's ability to meet the deadline.
Mr. Paul Williams, CEO of Eagle Ford Oil and Gas said, "We are obviously pleased with this revision as it greatly increases our ability to secure the necessary funds to begin the initial drilling phase of our development project. Once we establish our ability to successfully drill three to four wells and generate production revenue, securing the additional funds for phase two of our development project (30 to 40 additional wells) becomes economically obtainable."
About Eagle Ford Oil & Gas Corporation
Eagle Ford Oil & Gas Corp. engages in exploration and development of oil and gas production properties. The Company specializes in acquiring, exploring and developing oil and gas producing assets in the Gulf Coast region of Texas and Louisiana. Eagle Ford Oil & Gas has a team comprised of senior professionals with distinguished records of achievement and success in the targeted focus area.
Investors are cautioned that certain statements contained in this document as well as some statements in periodic press releases and some oral statements of ECCE officials are "Forward-Looking Statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "believes," "anticipates," "intends," "plans," "expects," and similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future ECCE actions, which may be provided by management, are also forward-looking statements as defined by the Act. Forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements and to vary significantly from reporting period to reporting period. Although management believes that the assumptions made and expectations reflected in the forward-looking statements are reasonable, there is no assurance that the underlying assumptions will, in fact, prove to be correct or that actual future results will not be different from the expectations expressed in this report. These statements are not guarantees of future performance and ECCE has no specific intention to update these statements.
CONTACT: Investor Contact: Brad Holmes Energy Ir (713)654-4009 B_holmes@att.netSource:Eagle Ford Oil & Gas Corp.