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Savoy Energy Corporation Completes Joint Venture in Fiji for Oil Exploration

Posted on: Monday, 6 July 2009, 08:02 CDT

HOUSTON, July 6 /PRNewswire-FirstCall/ -- Savoy Energy Corporation (OTC Bulletin Board: SNVP) announced today that the Company's representatives met with representatives of Masi Corp Holdings Limited at the Westin Hotel in Nadi, Fiji to complete an Oil Exploration Joint Venture. The new Joint Venture entity, Savoy-Masi Petroleum Corporation Limited, is designed to license properties in Fiji for Oil Exploration, recompletion, and work-over activities.

"In the early 80's 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," stated Art Bertagnolli, CEO of Savoy Energy Corporation. "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," continues Mr. Bertagnolli.

The Pacific Islands Applied Geoscience Commission's report 'Fiji Petroleum Data Package' states; 'Over twenty structural reefal traps have been identified on the seismic lines in the Late Miocene and Pliocene sequences, mostly in Bligh Water Basin. Estimates of potential un-risked recoverable reserves are 270 million barrels of oil (mmbo) per structure. If structural-stratigraphic trapping occurs, recoverable reserves could increase to over 1 billion barrels of oil per structure.'

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. (www.savoyenergycorp.com)

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.

SOURCE Savoy Energy Corporation

Source: PR Newswire

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