Savoy Energy Corp., an independent oil and gas company, is building a diversified portfolio of oil and gas assets with the goal of turning around previously abandoned sites. The step-by-step process involves the aggressive application of modern well technology and stringent management controls, but only on sites that have passed a meticulous evaluation process. This approach significantly reduces the cost of initial drilling, while removing the risks associated with traditional exploration projects, thus minimizing the high overhead normally associated with oil and gas operations. The result is an increased asset base and cash flow.
The company has already taken the first steps in the process, the careful research and acquisition of sites with significant remaining oil and gas potential. They have already acquired leases on the following properties in Gonzales County, Texas, between San Antonio and Houston.
â€¢ Ali-O No. 1 â€“ 82.660 acres
â€¢ Rozella Kifer - 193.003 acres
â€¢ Wright Leases â€“ 485.410 acres
â€¢ Zavadil No. 1 â€“ 45.000 acres
All of the above leases are open-ended, extending for as long as Savoy conducts operations without cessation for more than 120 days. In addition, the leases include ownership of all machinery, fixtures, equipment, tanks, well bore, casing, and all other equipment used in connection with the operation of the associated wells.
But Savoyâ€™s plans donâ€™t end in Texas. The company recently announced that it has signed a letter of intent with Masi Corp. Holdings Limited to create a joint venture in Fiji. The venture will create a new combined entity to license properties in Fiji for oil exploration and drilling rights. Savoy CEO Art Bertagnolli commented on the plan. â€œOur research has shown the island of Fiji and its structural reefal traps has a tremendous amount of oil reserves, and we’re hoping to work closely with Masi Corp in an effort to harvest those reserves in the most efficient, profitable, and responsible way possible.â€
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