Eagleford Energy Inc. (EFRDF) announced the acquisition of an interest in a mineral lease in Zavala County, Texas. The mineral lease acreage is prospective for the Eagle Ford Shale, and several other oil and gas bearing formations.
Eagleford Energy Inc. acquired a 10% working interest in the Matthews Lease, which consists of 2,629 gross acres. The company paid $200,000, comprised of $25,000 in cash and a note payable for $175,000. The note pays interest of 5% per year.
The Matthews Lease is located in the Maverick Basin in South Texas, and Eagleford Energy Inc. will be pursuing light oil from the Eagle Ford Shale formation, and heavy oil from the San Miguel formation. Other producing formations on the lease include the Austin Chalk and the Edwards Limestone formation. Eagleford Energy Inc. said that the lease is near a newly drilled and completed well by a competitor that produced 350 barrels of oil per day.
Eagleford Energy Inc. also announced that Sandra Hall has resigned as President of the company, and also left the Board of Directors. James Cassina, who has forty years experience in the oil and gas industry, replaced Hall as President.