August 14, 2013
Connie Helwig, sole director of Eagle Oil Holding Company Inc. is pleased to update shareholders on its fundraising initiatives.
Upon Ms. Helwig's appointment as a director last month, the company had very little cash and a disproportionate amount of liabilities. However, because of the acquisition of the Frank Farm lease, the consultant for the company was willing to invest funds that were used to pay some overdue bills and to send monies to the operator to begin work on the lease. Ms. Helwig convinced the consultant to accept the use of convertible debt as consideration since the company now had an asset and, in the event that the cash flow from operations was not enough to pay back the money borrowed; he could convert his debt into shares as an exit strategy.
Eagle Oil is now in talks with other parties that want to invest monies into the company in the same manner. This should allow the company to bring both leases into production so that additional financing will not be needed in the future. Development costs for the remainder of the lease should be self-financed once a good portion of the wells are reworked due to the cash flow provided by oil production.
Further updates will be forthcoming.
Forward- Looking Statements
Safe Harbor Statement: This press release contains forward-looking statements that reflect the Company's current expectation regarding future events. Actual events could differ materially and substantially from those projected herein and depend on a number of factors. Certain statements in this release, and other written or oral statements made by Eagle Oil Holding Co. are ?forward-looking statements? within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the Company's control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Important factors that could cause actual results to differ materially from the Company's expectations include, but are not limited to, those factors that are disclosed under the heading "Risk Factors" and elsewhere in documents filed by the Company from time to time with the United States Securities and Exchange Commission.
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