Savoy Energy Corporation (OTCBB: SNVP) cancelled the letter of intent to acquire a 215 acre lease in Central Texas.

Savoy Energy Corporation (Savoy) is an oil and gas exploration and development company. The Company is engaged in the business of re-entering, re-completing, extracting oil, and selling oil from previously undeveloped and drilled wells in the United States. The Company’s plan of operations is to economically extract left-behind oil from previously drilled sites. The Company hold leases on or are producing oil from the following unproven and proven developed and undeveloped wells: a 49.25% undivided interest in certain lease acreage comprising 144 acres; a 5.0% overriding royalty interest in W.L. Barnett ET AL; and a 2.75% working interest in the Glass 59 well. The Company intends to extract and sell crude oil through a third party purchaser.