HOUSTON, April 26, 2010 (GLOBE NEWSWIRE) -- Savoy Energy Corporation (OTCBB:SNVP), an independent oil and gas company, announces today that it has completed the conversion of the Zavadil #1 well located in Gonzales County, Texas from propane engine to electric motor to operate the well's pump jack. The Company's initiative to contribute to the environment will also increase efficiency while reducing maintenance costs.
On March the 27th, 2010 the Zavadil #1 well was placed online and closely monitored under full electric power. The Company is pleased with the results and the well has continued to operate efficiently to this date. This is the second producing well that Savoy Energy has operating under full electric power. In a previous release dated August 12th, 2009, Savoy announced its strategy to reduce environmental impacts and operating costs by converting all of its wells to operate under electric power.
Savoy Energy will now begin the process to convert its Ali-O #1 oil well to operate under full electric power. This well conversion is estimated to be complete within the next three months. The Company's Ali-O well is the farthest from an electrical source and will require more resources to convert due to the length of additional power lines needed to be brought to the site.
Arthur Bertagnolli, CEO Savoy Energy Corporation, stated, "These enhancements to the wells will minimize operating costs and optimize efficiency thus allowing us to apply savings generated toward acquiring new prospects."
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. For more information visit the Company's web site at: www.savoyenergycorporation.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.