The Austin Chalk measured approximately 200 feet thick and was characterized by very high levels of porosity indicating a vastly oil saturated zone consistent with elevated oil cuts and very little to no water to be produced from the Austin Chalk.
The Buda measured approximately forty five feet of medium oil saturation in what appeared to be healed fractures.
The Company is awaiting reports to conclude a detailed frac design and completion plan on the Matthews #1-H and continue with its exploitation plans for the Austin Chalk, Buda and San Miguel formations which may entail a strategic alliance or "farm-in" arrangement with another oil and gas operator or further financing of the Company.
Certain information regarding the Company in this news release may constitute forward-looking statements under applicable securities laws. The forward-looking information includes, without limitation, projections or estimates made by us and our management in connection with our business operations. Various assumptions were used in drawing the conclusions or making the forecasts and projections contained in the forward-looking information contained in this press release, which assumptions are based on management analysis of historical trends, experience, current conditions and expected future developments pertaining to the Company and the industry in which it operates as well as certain assumptions as specifically outlined in the release above. Forward-looking information is based on current expectations, estimates and projections that involve a number of risks, which could cause actual results to vary and in some instances to differ materially from those anticipated by the Company and described in the forward-looking information contained in this press release. Undue reliance should not be placed on forward-looking information, which is not a guarantee of performance and is subject to a number of risks or uncertainties. Readers are cautioned that the foregoing list of risk factors is not exhaustive. Forward-looking information is based on the estimates and opinions of the Company's management at the time the information is released and the Company disclaims any intent or obligation to update publicly any such forward-looking information, whether as a result of new information, future events or otherwise, other than as expressly required by applicable securities laws.SOURCE Eagleford Energy Inc.