The LOI will allow the new field operations partner to invest up to $2m for a shared working interest in the field to enhance overall production and operations.
The final agreement is due to be completed in mid-January, allowing the development of the deposits to start by the end of this month.
Eagle Oil is engaged in exploration and production of oil through the development of a repeatable and low geological risk project in the active East Texas oil and gas region.
The company owns a 78% working interest in 173 wells on its 927 acres located in the Woodbine oil field.
