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Savoy Energy Corp. (SNVP.OB) has already broken its previous record volume of 432,000 traded shares and it’s only noon! So far, today’s volume is more than 700% greater than the average daily volume of 78,235 traded shares.
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Savoy Energy Corporation Hires PricewaterhouseCoopers to Audit the Company's New Fiji Joint Venture
HOUSTON, July 7 /PRNewswire-FirstCall/ -- Savoy Energy Corporation (OTC Bulletin Board: SNVP - News) announced today that the Company will use PricewaterhouseCoopers to audit its Fiji Joint Venture, Savoy-Masi Petroleum Corporation.
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"We hired PricewaterhouseCoopers because of their well known international reputation and integrity as accountants and auditors," stated Art Bertagnolli, CEO of Savoy Energy Corporation. "It will instill confidence in our shareholders that our numbers and production will always be correct," continues Mr. Bertagnolli.
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About Savoy Energy Corporation
Savoy Energy Corporation (OTC 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. (Savoy Energy - Home)
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Savoy Energy Corp. (SNVP.OB) Adds New Board Members Retaining International Oil Exploration Experience
Today, Savoy Energy Corp. announced that on June 25, 2009 the Board of Directors of the company appointed Mr. William F. Howell, Mr. Raymond A. Crabbe, and Mr. Charles J. Jacobus to the Board of Directors. All three will remain in their newly appointed positions until the next regularly scheduled shareholder meeting at which time they may stand for re-election.
Mr. William Howell’s oil and gas experience spans nearly 50 years, both onshore and offshore. He has worked as a geologist domestically in Oklahoma, Texas and the Gulf of Mexico as well as internationally in Libya. Mr. Howell’s previous experience includes 13 years (1955 – 1968) as an exploration geologist at Continental Oil Company, 6 years (1968 – 1974) as Gulf Coast Exploration Manager for Mesa Petroleum, originating prospects and organizing a bidding group for participation in the Gulf of Mexico Shelf Exploration when he founded Paragon Petroleum, Inc., serving as Exploration Vice President for Roberts Oil and Gas, and serving as a Senior Exploration Advisor to Hardy Oil & Gas.
Mr. Raymond Crabbe retains more than thirty-five years of extensive knowledge and experience in the oil and gas industry. This experience includes pipeline, chemical, petrochemical, refining and offshore. Mr. Crabbe has both domestic and international expertise in oil and gas gathering, pipeline, storage, transmission and loading facilities. His domestic experience covers all fifty of the United States and his international experience includes South America, Russia, Asia, Middle East, Indonesia, Canada, Africa and the Virgin Islands. Most recently, Mr. Crabbe has been employed by Chevron (2005 – 2006); STV Inc. in 2007; and Mustang Engineering from 2007 to present. Mr. Crabbe has never served on the board of a publicly traded company.
Since 1973, Mr. Charles Jacobus has been an accomplished real estate attorney and publisher. Receiving his Bachelor of Science from the University of Houston and Doctor of Jurisprudence from the University of Houston, he has a sole practice law office and maintains affiliations with many real estate associations as they pertain to commercial and residential real estate law in the State of Texas. Mr. Jacobus has also published numerous books focused on Georgia, Ohio and Texas Real Estate Law, co-authoring many of them.
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Savoy Energy Corp. (SNVP.OB) Announces Meeting with Minister of Lands & Mineral Resources
Savoy Energy Corporation announced this morning that its representatives and its joint venture, Savoy-Masi Petroleum Corporation Limited, met with The Republic of Fiji Islands Ministry of Lands & Mineral Resources’ Netani Sukanaivalu. Topics discussed included stimulating Fiji’s economy through Oil exploration licenses, recompletion, and work-over activities of previously drilled wells.
According to the press release, Fiji Islands Trade and Investment Bureau granted Savoy-Masi Petroleum a Foreign Investment Registration Certificate (FIRC) number 09-0081 issued under the provisions of the Foreign Investment Act 1999 and the Foreign Investment (Amendment) Act 2004 to commence Oil and Gas Exploration.
“We are very pleased how professional, courteous, and efficient the Fiji government has been in working with us to accomplish our goals,” commented Art Bertagnolli, CEO of Savoy Energy Corporation. “The Minister of Lands & Mineral Resources, Netani Sukanaivalu, is a respected and intelligent business man, who’s focused on helping Fiji and its people.”
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Savoy Energy Corp. (SNVP.OB) Sees Big Potential in Eagleford
Savoy Energy Corporation, an oil and gas company known for the re-working of previously abandoned sites, is focusing on getting oil and gas from source rocks. The primary emphasis is in the Texas Cretaceous Trend, the largest single pool field in Texas, which has already given up over 1.2 billion barrels. The plan is to establish long-term, maintenance-light production from existing completions, providing the cash flow to then push into areas where proven resources have yet to be exploited.
Of particular interest to Savoy is the Eagleford Shale Formation in south Texas. The oil quality in the company’s focus area varies from heavy to very desirable high gravity crude. In most cases Savoy plans to pull oil from above the 11,000 foot level. The company believes it can pull from 5,000 to as much as 140,000 barrels from a single vertical well, depending upon natural fractures, with the entire initial target area holding hundreds of millions of barrels. However, identifying the best spots is key to effective recovery.
Savoy has several properties in Gonzales County, Texas, which it considers prime for tapping Eagleford resources. Their Savoy/Louis Zavadil #1 well generated up to 35 BOPD (barrels of per day) on tests back in 1978 before being plugged in search of higher deliverability. The best long-term producing Eagleford well in Gonzales County produced over 8,700 barrels per year for 9 years, plus an average of 5,378 barrels per year for another 5 years. This shows a decline that is relatively slow, suggesting significant opportunity for profitable long-term development.
Savoy isn’t the only company that sees potential in the Eagleford. Apache Corporation (NYSE: APA) has begun fairly widespread production there and is now producing approximately 200 BOPD from the Eagleford since commencing operations in December, 2007.
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Savoy Energy Corp. (SNVP.OB) to Form Joint Venture to Capitalize on Fiji’s Oil Reserves
Savoy Energy Corp. is an independent oil and gas company seeking growth through a diversified portfolio of valuable oil and gas assets. The company recently announced it is in negotiations with Masi Corp. Holdings Ltd to finalize an oil exploration joint venture. The completed joint venture will result in the Savoy-Masi Petroleum Corp. Ltd. entity, which will license properties in Fiji for oil exploration, recompletion and work-over activities.
Savoy is approaching the Fiji market because of rising oil costs and the opportunity for company shareholders.
“In the early 80s, 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,” Art Bertagnolli, CEO of Savoy stated in the press release. “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.”
According to The Pacific Islands Applied Geoscience Commission’s report “Fiji Petroleum Data Package,” more than 20 structural reefal traps lay on the seismic lines in the Late Miocene and Pliocene sequences, mostly in Bligh Water Basin. The report estimates the potential of recoverable reserves at 270 million barrels of oil (mmbo) per structure. It continued that if structural-stratigraphic trapping does occur, recoverable reserves could grow to more than 1 billion barrels of oil per structure.
This information supports the company’s move toward a joint venture to take advantage of Fiji’s reserves, and correlates with Savoy’s expansion strategy.
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Savoy Energy Corp. (SNVP.OB) Lays Out the Details
Savoy Energy Corp., a Houston based oil and gas company currently focused on the reworking of existing Texas wells, has detailed their plans covering their acquired wells in Gonzales County, Texas, between San Antonio and Houston. Since oil and gas recovery always involves a certain amount of risk in achieving the desired production rates and final recovery goals, even in existing and proven wells, the information is especially useful and welcome to investors who have helped fund the company’s operations.
Savoy laid out a wide range of technical specifics regarding the wells, their potential, and the company’s operational plans.
• Initial wells will be completed in the Austin Chalk trend, a formation known for long-lived wells.
• The wells are shut-in or plugged wells, approximately 7,000 to 8,000 deep, all with casings and a previous production history, and all considered low to medium risk.
• Plugged wells will be drilled out, shut-in wells will be cleaned out and reconditioned, with wells being acidized if necessary.
• Pumping units, tanks, heater treaters, rods, and tubing will be installed as needed, and wells will be connected to tank batteries.
• Reconditioning should be completed within 3-4 months, with equipment installation expected to take another 1-3 months, and with some wells being completed early.
• Expected initial production will be in the 150 BOPD (barrels of oil per day) range, though potentially higher or lower, with the historic long life of the Austin Chalk trend wells being a major consideration.
• Savoy will use an independent purchaser to sell the oil, with the oil generally being marketed to a major refinery or pipeline.
• The current average oil price in the area is $50 per bbl.
• The company will continue to expand into other promising areas, including outside of Texas.
The overall process will involve the application of modern well technology and stringent management controls against these carefully selected sites. By evaluating and choosing existing wells carefully, and reworking them aggressively, the risks associated with traditional exploration projects is removed, minimizing the high overhead normally associated with oil and gas operations. The result is an increased asset base and cash flow.
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Savoy Energy Corp. (SNVP.OB) Answers Questions about Eagleford Shale Formation
Savoy Energy Corporation, the Texas-based oil and gas company focused on bringing old well sites back to life, is actively working the Texas Cretaceous Trend, the largest single pool field in Texas. The company has a special interest in the Eagleford Shale Formation, which has a history of long-producing wells, and holds a number of properties in the Gonzales County area of southern Texas. Savoy feels it can pull from 5,000 to as much as 140,000 barrels from a single vertical well.
In response to investor inquiries, Savoy has addressed the most frequently asked questions regarding their plans for Eagleford.
• Will the production be oil or gas?
In most cases, production will be oil, primarily above the 11,000 foot level.
• What is oil quality in the area?
Oil quality in Savoy’s area of interest varies from heavy to very desirable high-gravity crude.
• How much oil can be recovered from the initial target area?
Hundreds of millions of barrels are in place. Identifying the “sweet spots” for exploitation is key in determining what can actually be recovered. Savoy plans to start in areas of known tests or where high-quality oil shows.
• How much production can be expected from a good horizontal well at Eagleford?
Based upon the production profile of the best vertical Eagleford well, 300-400 BOPD (barrels of oil per day) can be expected, and possibly above 75 BOPD for an extended period of 5-8 years. A dual lateral well in the basal Eagleford may well recover 400,000 barrels of oil. The idea is to explore with vertical and exploit with horizontal. The sweet spots can be identified with vertical wells before taking on the higher costs associated with horizontal wells.
• Why are Savoy’s properties in Gonzales County considered prime for tapping the Eagleford?
The Savoy/Louis Zavadil #1 actually flowed 35 BOPD on test from the Eagleford back in 1978 before being plugged in search of higher deliverability. The well is also in close proximity to an Eagleford well that produced 142 MBO as a vertical completion.
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Savoy Energy Corp.’s (SNVP.OB) Recent Board Member Additions
Savoy Energy Corporation, an independent oil and gas company based in Houston, recently announced three new appointments to its Board of Directors. All have extensive experience in their individual fields, and are scheduled to fill the positions until the next regularly scheduled shareholder meeting, at which time they can be voted on by voting shareholders.
• William F. Howell has 47 years of oil and gas experience, both onshore and offshore, and has worked as a geologist in Oklahoma, Texas, the Gulf of Mexico, and overseas in Libya. He began his career as an exploration geologist at Continental Oil Company for 13 years, followed by 6 years as Gulf Coast Exploration Manager for Mesa Petroleum where he originated prospects and organized a bidding group for the Gulf of Mexico Shelf Exploration. He founded Paragon Petroleum in 1978, where he still serves, and was also Exploration VP for Roberts Oil & Gas until 1988. From 1989 to 2000, he was Sr. Exploration Advisor for Hardy Oil & Gas, and also participated in its transition to Mariner Energy. He continues today to serve as President of Paragon Petroleum.
• Raymond A. Crabbe has had 35 years of experience, with extensive work in the areas of pipeline, chemical, petrochemical, and refining, including offshore work. His domestic and international career covers all 50 states, along with South America, Russia, Asia, Indonesia, Canada, Africa, the Middle East, and the Virgin Islands. His expertise includes a range of oil and gas gathering, pipeline, storage, transmission, and loading facilities development. He has worked for Chevron and STV Inc., and currently works for Mustang Engineering. He has a BS degree in Construction Management, with an MBA in Management.
• Charles J. Jacobus has 36 years as an accomplished real estate attorney and publisher, and maintains a law office and affiliation with many real estate associations relating to commercial and residential real estate law in Texas. He has published numerous books focused on Texas, as well as Georgia and Ohio real estate law, co-authoring many of them. He holds a State Bar of Texas license, and a Texas Real Estate Broker license. He received his Doctor of Jurisprudence from the University of Houston, and has an AV Rating from Martindale-Hubbell.
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