SOURCE: Savoy Energy Corporation

Savoy Energy Corporation

February 10, 2010 07:00 ET

Savoy Energy Corp. Reduces Debt and Obtains Initial Funding From New Sources

HOUSTON, TX--(Marketwire - February 10, 2010) - Savoy Energy Corporation (OTCBB: SNVP) announced today that the company has successfully extinguished the note owed to Lucas Energy, Inc. (Lucas) in the amount of $117,404.95. This note was extinguished through the transfer of 16% working interest in Savoy's three producing wells to Lucas.

"With the extinguishing of this debt, Savoy Energy Corporation eliminates the necessity of incrementally reducing this debt and enjoys a decreased burden on our cash flow. At this time, we are looking into extinguishing other debt in a similar manner once new assets have been acquired," stated Arthur B. Bertagnolli, CEO of Savoy Energy Corporation.

"In addition, the company closed on an initial tranche of funding from several new sources with prior successful funding experience in the energy sector. We are hopeful that these new sources will provide us with additional resources that will enable us to shorten the time required to acquire new and previously identified assets."

About Savoy Energy Corporation

Savoy Energy Corporation (OTCBB: SNVP) 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, 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. (

Forward-Looking Statement: The statements in the press release that relate to the Company's expectations with regard to the future impact on the Company's results from acquisitions or actions in development are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The statements in this document may also contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those contained in such statements. Such risks, uncertainties, and factors include, but are not limited to, future capital needs, changes, and delays in product development plans and schedules, or market acceptance.


Contact Information

  • Contact:
    Corporate office
    Arthur B. Bertagnolli
    1-713-243-8788 for Savoy Energy Corporation