HOUSTON, May 13, 2010 (GLOBE NEWSWIRE) -- Savoy Energy Corporation (OTCBB:SNVP) an independent oil and gas company announces today that it has closed a third round of funding transactions for 2010. With this additional funding, the company has further paid down aged debt obligations and has increased its working capital. The funding assists the Company with expediting internal growth and enhances the company's financial position.
The company is currently identifying certain additional oil producing asset opportunities and remains confident in the continued access to capital from these current funding partners.
Arthur Bertagnolli, CEO Savoy Energy Corporation stated, "We are fortunate to have attracted the type of investor that recognizes our pro-active business model. We look forward to acquiring new assets." Bertagnolli continues by saying, "Realizing the production potential of proven undeveloped resources gives the Company the ability to move into the next stage of development."
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.