SOURCE: EOS Petro Inc

Eos Petro Inc

May 12, 2014 07:30 ET

Eos Petro, Inc. Announces Updated Status and Increased Output of Its Illinois Basin Works Property

Recently Completed Third Well Back Online After Extreme Winter Conditions; Total Works Property Output Now Stands at 104 BOPD; Additional Drilling to Begin in June, 2014

LOS ANGELES, CA--(Marketwired - May 12, 2014) - Eos Petro, Inc. (OTCQB: EOPT), today announced that its recently-completed third well on its "Works Property," located in the Illinois Basin, is once again online after a forced shut-in due to severe winter weather conditions. Current total daily output for this property now stands at approximately 104 barrels of per day ("BOPD") up from zero when the property was first acquired by Eos.

"Output from the newly-reactivated third well is steady at approximately 100 BOPD, easily meeting our expectations," said Martin Oring, Eos's Chief Executive Officer. "Next month, we plan to commence drilling and operations of three additional wells, raising anticipated total output for the Works Property to 300 BOPD."

About Eos Petro

Eos Petro, Inc. is an Nevada corporation primarily in the business of acquiring, exploring and developing oil and gas-related assets, both domestically and internationally. The Company's current, active properties are located in the Illinois Basin, in which it has 80% Net Reserve Interest ("NRI") and 100% working interest. For more information, please visit http://www.eos-petro.com.

Forward Looking Statements

This press release contains or is based upon projections, expectations, beliefs, plans, objectives, assumptions, descriptions of future events or performances and other similar statements that constitute "forward looking statements" that involve risks and uncertainties, many of which are beyond our control. These statements are often, but not always, made through the use of words or phrases such as "may," "should," "could," "predict," "potential," "believe," "will likely result," "expect," "will continue," "anticipate," "seek," "estimate," "intend," "plan," "projection," "would" and "outlook," and similar expressions. All statements, other than statements of historical facts, included in this press release regarding our expectations, objectives, assumptions, strategy, future operations, financial position, estimated revenue or losses, projected costs, prospects and plans and objectives of management are forward-looking statements.

All forward-looking statements speak only as of the date of this press release. Our actual results could differ materially and adversely from those anticipated in such forward-looking statements. These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated, including, without limitation: general volatility of the capital markets and the market price of our common stock; changes in our business or investment strategy; availability, terms and deployment of capital; availability of qualified personnel; changes in our industry and the market in which we operate, interest rates or the general economy; and the degree and nature of our competition. These and other risk factors are more fully discussed in Eos' filings with the Securities and Exchange Commission. It is not possible for management to predict all of such factors, nor can it assess the impact of each such factor on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained or implied in any forward-looking statement. We undertake no obligation to update any forward-looking statements or other information contained herein. Stockholders and potential investors should not place undue reliance on these forward-looking statements. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements in this press release are reasonable, we cannot assure stockholders and potential investors that these plans, intentions or expectations will be achieved. These cautionary statements qualify all forward-looking statements attributable to us or persons acting on our behalf.

Contact Information

  • Company Contact
    Nikolas Konstant
    CEO
    Eos Petroleum, Inc.
    +1 310.552.1555

    Investor Relations Contact
    Michael Briola
    CEO
    Motion Communications, Inc.
    +1 972.646.3400
    Email Contact