Savoy Energy Corp. (SNVP.OB) - Building a Portfolio of Oil & Gas Properties
Savoy Energy Corporation is an independent oil and gas company building a diversified portfolio of valuable oil and gas assets in the United States. The company is focused on identifying abandoned oil and gas assets, which are then brought online through recompletion and work-over activities.
Savoy Energy uses a meticulous process of evaluation, application of modern well technology, and stringent management controls when deciding if leasing a property will be a viable undertaking. This process allows the company to increase its asset base and cash flow, while significantly reducing the cost of initial drilling. This process takes away the risk of traditional exploration projects while lowering the overhead costs.
To date, Savoy Energy has acquired a portfolio of leases of oil and gas properties which are all located in Gonzales County, Texas. The company’s portfolio of oil and gas leases consists of the following four properties: Rozela Kifer (193 acres), Ali-O No.1 (83 acres), Zavadil No.1 (45 acres) and Wright (485 acres).
The leases on all of the properties are similar. Savoy’s leases on the properties extend for as long as the company conducts operations without cessation for more than 120 days. With the lease, Savoy also acquired ownership of all machinery, fixtures, equipment, tanks, well bore, casing, and all other equipment used in connection with the operation of, and production of an oil well located on the leased premises.
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