Savoy Energy has signed a letter of intent (LOI) to acquire a 135 acre lease in central Texas.

The lease includes proven non-producing reserves in the Austin Chalk formation.

The company said that geological studies performed have identified this lease as being within the ‘oil window’ of the Eagle Ford Shale Formation.

The company’s strategy to place potentially valuable Eagle Ford acreage under contract continues with this lease.

Savoy Energy CEO Arthur Bertagnolli said that the company will continue to demonstrate the ability to pool its resources and stay on course.

Savoy Energy is an independent oil and gas company whose strategy is to build a diversified portfolio of oil and gas assets in the US.