Eagle Oil has signed a letter of intent (LOI) to further develop the oil and gas deposits in the WH Siler Lease in East Texas.

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.