HOUSTON, Feb. 11 /PRNewswire-FirstCall/ -- On December 31, 2008, ECCO Energy Corp. signed a letter of intent to purchase properties from Samurai Corp, Inc., including the working interests in the properties previously owned by Lake Fork Resources, LLC in Ohio and the M-J Oil Company, also in Ohio. These acquisitions include 40 producing wells and multiple development drilling opportunities, as well as opportunities to increase production from currently producing wells. These wells are located in eleven counties in eastern Ohio. ECCO will operate all of the wells. There are multiple productive horizons, including the Clinton Sandstone, Ohio Shale, Oriskany Sandstone, Berea Sandstone and Marcellus Shale. Current net production is approximately 240 mcf and 23 barrels of oil per day.
ECCO plans to complete the transaction by the end of February 2009, and the effective date of the transaction will be December 31, 2008.
Sam Skipper, ECCO's President, said, "This is a major acquisition for our company. It provides us with additional producing property with long life reserves. ECCO's management team has identified 18 existing wells containing Marcellus Shale sands, and once recompleted, we feel the properties will significantly enhance current production with additional oil and gas volume."
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "will," "anticipated," or "may," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act, and are subject to the safe harbor created by the Act. Except for historical information, all of the statements, expectations and assumptions contained in the foregoing are forward-looking statements that involve a number of risks and uncertainties. The reserve data included herein represents only estimates. Reserve engineering is a subjective process of estimating underground accumulations of oil and natural gas that cannot be measured in an exact manner. As a result, estimates of different engineers often vary. The estimates of reserves, future cash flows and present value are based on various assumptions, including those prescribed by the SEC relating to oil and natural gas prices, and are inherently imprecise. In addition, important factors that could cause actual results to differ materially include the following: business conditions and the amount of growth in the Company's industry and general economy; competitive factors; ability to attract and retain personnel; the price of the Company's stock; and the risk factors set forth from time to time in the Company's SEC reports. ECCO Energy Corp. (OTC Bulletin Board: ECCE) takes no obligation to update or correct forward-looking statements, and also takes no obligation to update or correct information prepared by third parties that is not paid for by the Company.
