HOUSTON, Nov. 7, 2011 (GLOBE NEWSWIRE) -- Eagle Ford Oil & Gas Corporation (OTCBB:ECCE), a growing independent oil and gas exploration and production company, announced today that it signed an agreement to purchase 60.5% Working Interest in a Texas oil field currently producing from 75 wells with plans to drill up to 20 additional wells beginning in 2012. Under the executed Letter of Intent, ECCE and seller have agreed to a purchase price of $21 million plus 3 million warrants with a strike price of 50 cents. The property immediately becomes a key asset allowing the company to move forward with a growth strategy focused on oil properties along the Texas, Oklahoma and Louisiana production corridor.
"This acquisition will immediately increase Eagle Ford's daily net production by 350 barrels and creates a path for additional acquisitions and drilling for 2012," said Paul Williams, CEO of Eagle Ford. "Market demand for oil and gas will always be steady for a domestic producer. We are very excited about the opportunities this opens up for the company as we expand and begin to utilize Eagle Ford's deep oil and gas experience and corporate finance in our next phase of growth."
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.
Forward-Looking Statements
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.OB 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.OB 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.OB has no specific intention to update these statements.