Tom Pangborn, CEO and Chairman of Savoy Energy

Savoy Energy said Friday it retained E-Spectrum Advisors to help it sell properties in the Trenton / Black River formations in southern Michigan.

The properties are 99% operated and include 47 producing wells, along with seven Central Production Facilities and three SWD wells, Savoy said.

Current net production is 2,492 BOEPD (95% oil & natural gas liquids).

Production is projected to reach over 6,600 BOEPD (net) in 2015 based on the current two rig development program that is funded entirely out of cash flow.

Projected net operating cash flow for March 2014 is $5.6 million and is forecast to average ~$14 million per month in 2015.

The package includes 6,473 gross / 5,197 net acres, most of which held by production, Savoy said.


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