Eagle Oil Holding has signed an agreement with Canadian firm Nitro Capital Partners to provide funding for operations on the East Texas field with a 'farmout' agreement (operations agreement).

The company said that it plans to restart oil pumping operations at its East Texas oil field by partnering with Nitro and an experienced oil field service company on a specific well by well procedure.

Nitro is preparing to begin on the first five wells while additional wells can be added as funding is provided by Nitro.

The company will use an independent operator to get the field into production.

According to Eagle Oil, Nitro is planning on startup in the summer of this year.