The company plans to resume the oil pumping operations at its East Texas field by partnering with Nitro and an experienced oil field service company for a specific well.
Eagle Oil said that Nitro will provide the required capital and resources to restore oil pumping operations with no additional capital investment by the company.
The company will use an independent operator to get the field into production and Nitro will share in the revenue generated by the field production.
Nitro is affiliated with a German consortium that has been desirous of entering the US market in oil and gas production.
