Savoy Energy Corporation: Form 10-K for the Fiscal Year Ended December 31, 2011

Source Company Report
Company Savoy Energy Corp, Camber Energy, Inc.
Tags Country: United States, M&A: Asset Deal, Deals, Operating Area: Eagle Ford, Segment: Shale/Tight News, Upstream: Upstream News
Date April 16, 2013

Savoy Energy Corporation provided following M&A details in its 10-K report for the year ended December 31, 2011:

In October 2011, the Company sold a 7.5% interest in its Davis-Cornell oil and gas lease “deep rights” located in Gonzales County, Texas to Lucas Energy, Inc. for $32,000. The “deep rights” sold are unevaluated oil and gas properties. The Company retained its existing working interests in the Austin Chalk producing formation. During the three months ended December 31, 2011, the Company recognized a gain of $32,000 on sale of assets.

In November 2011, the Company sold a 25% interest in its Davis-Cornell oil and gas lease “shallow rights” located in Gonzales County, Texas to Lucas Energy, Inc. for $15,000. The “shallow rights” sold are unevaluated oil and gas properties. The Company retained its existing working interests in the Austin Chalk producing formation. During the three months ended December 31, 2011, the Company recognized a gain of $15,000 on sale of assets.

In December 2011, the Company sold a 50% interest in its Davis-Cornell oil and gas lease “shallow rights” located in Gonzales County, Texas to Lucas Energy, Inc. for $30,000. The “shallow rights” sold are unevaluated oil and gas properties. The Company retained its existing working interests in the Austin Chalk producing formation. During the three months ended December 31, 2011, the Company recognized a gain of $30,000 on sale of assets.

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