HOUSTON - Houston-based Eagle Ford Oil & Gas Corp. has reached an agreement to divest the working interest in the Wilson Field in South Texas to a Houston-based oil and gas company. The purchaser will assume the remaining liabilities, including plugging and abandonment charges.

President Rick Adams said, "The sale of the Wilson Field, in Nueces County Texas, will allow Eagle Ford Oil & Gas Corp. to fully concentrate on the acquisition and development of new oil and gas plays in the Eagle Ford Shale area of Texas. The Wilson Field is not a core investment, and we are taking advantage of this opportunity to continue repositioning ourselves."

According to Adams, the company’s business plan is to become a pure play oil company in the Eagle Ford shale.

On August 24, the company announced the acquisition of a farm-in of a 1% working interest in 2,400 acres and the drilling of two wells in the Eagle Ford Shale formation in Live Oak County. The Dena Forehand #2H and the Kellam #2H have been drilled but not completed. Fracturing of the two wells has been scheduled to occur during the next 20 days. Eagle Ford Oil & Gas will continue to participate in the drilling of additional wells in this lease and anticipates a total of 14 wells will be drilled over the next 48 months. 

Source:  Eagle Ford Oil & Gas Corp.