Eagle Oil Holding has executed a second ‘farm out’ agreement with Natural Springs Resources to provide funding for additional operations on its Woodbine oil field in East Texas, US.
According to the agreement, the company will restart five oil wells by partnering with Natural Springs and an experienced oil field service company.
Natural Springs will begin work on the well, by providing required capital and resources, without any additional investment from Eagle Oil.
The revenue generated from the well production will be shared equally by Eagle Oil and Natural Springs.
Eagle Oil owns a 73% working interest in 173 wells on its 927 acres located in the Texas field.
