Savoy Energy Corporation Completes Joint Venture in Fiji for Oil Exploration
July 06 2009 - 9:02AM
PR Newswire (US)
HOUSTON, July 6 /PRNewswire-FirstCall/ -- Savoy Energy Corporation
(OTC Bulletin Board: SNVP) announced today that the Company's
representatives met with representatives of Masi Corp Holdings
Limited at the Westin Hotel in Nadi, Fiji to complete an Oil
Exploration Joint Venture. The new Joint Venture entity, Savoy-Masi
Petroleum Corporation Limited, is designed to license properties in
Fiji for Oil Exploration, recompletion, and work-over activities.
"In the early 80's a lot of the big Oil companies were drilling for
Oil in Fiji before the price per barrel dropped. As a result of
their activity, a significant amount of data was accumulated,
including seismic data for reefal traps and proven reserves from
drilling," stated Art Bertagnolli, CEO of Savoy Energy Corporation.
"Now with Oil being above US$60 a barrel and Fiji's proximity to
China, opening up new drilling makes economic sense and will create
tremendous shareholder value," continues Mr. Bertagnolli. The
Pacific Islands Applied Geoscience Commission's report 'Fiji
Petroleum Data Package' states; 'Over twenty structural reefal
traps have been identified on the seismic lines in the Late Miocene
and Pliocene sequences, mostly in Bligh Water Basin. Estimates of
potential un-risked recoverable reserves are 270 million barrels of
oil (mmbo) per structure. If structural-stratigraphic trapping
occurs, recoverable reserves could increase to over 1 billion
barrels of oil per structure.' About Savoy Energy Corporation Savoy
Energy Corporation (OTC:SNVPOTC:-OTC:News) (BULLETIN BOARD: SNVP -
News) is an independent oil and gas company building a diversified
portfolio of valuable oil and gas assets. 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:
Media, Adam Handelsman, Managing Director of Lippert/Heilshorn
& Associates, +1-212-201-6622; or Investor Relations, e-media
Direct, Inc., 1-866-284-2835, both for Savoy Energy Corporation Web
Site: http://www.savoyenergycorp.com/
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