Savoy Energy Corp. currently performs recompletion and workover activities on wells in Texas. The company identifies and acquires abandoned oil and gas assets and brings them back into production using effective, low-cost methods.
The company is focused on recovering oil in wells that has been “left behind.” There are many such oil fields all over the United States which have been closed with oil trapped inside as it was uneconomical to extract further oil from the well at the time. Such activities should be profitable for Savoy Energy, a company with low overhead, an efficient cost structure and effective technologies to extract the oil.
Oil that has been left behind represents a large opportunity for Savoy Energy. Nearly two out of every three barrels of oil discovered in the United States remains trapped underground after conventional recovery operations. According to the US Department of Energy, there are approximately 200 billion barrels of oil still trapped underground – a truly staggering amount.
The company already holds leases on and is producing oil from four wells. Savoy is looking for more opportunities across the US and has identified another 18 wells that the company believes are favorable candidates for recompletion or work-over activities. With the price of oil regaining strength, Savoy Energy is in the right place at the right time.
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