updated 4/6/2011 9:17:05 AM ET 2011-04-06T13:17:05

HOUSTON, April 6, 2011 (GLOBE NEWSWIRE) -- EFL Overseas Inc. (OTCBB:EFLO) ("EFLO" or "the Company"), wishes to advise that the new well it has participated in known as the Matthews No. 3 well, Zavala County, Texas has successfully reached its projected target depth. The well encountered four oil bearing zones at the depths which were anticipated. Casing has been run and set in place, and now the Company will commence on the next phase of the operation.

EFLO's technical team has reviewed petrophysical logs taken in the wellbore, and have drawn up completion program for the testing of the anticipated hydrocarbon bearing zones. This completion and testing program is anticipated to commence within the next ten days to two weeks, upon availability of equipment and personnel.

Forward-Looking Statements: This press release includes forward-looking statements as determined by the U.S. Securities and Exchange Commission (the "SEC"). All statements, other than statements of historical facts, included in this press release that address activities, events, or developments that the Company believes or anticipates will or may occur in the future are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which the Company has little or no control. The Company does not intend (and is not obligated) to update publicly any forward-looking statements. The contents of this press release should be considered in conjunction with the warnings and cautionary statements contained in the Company's recent filings with the SEC.

ON BEHALF OF THE BOARD OF DIRECTORS

EFL Overseas Inc.

CONTACT: Keith Macdonald
         EFL Overseas Inc.
         1 (403) 246-8443

© Copyright 2012, GlobeNewswire, Inc. All Rights Reserved

Discuss:

Discussion comments

,

Most active discussions

  1. votes comments
  2. votes comments
  3. votes comments
  4. votes comments

Data: Latest rates in the US

Home equity rates View rates in your area
Home equity type Today +/- Chart
$30K HELOC FICO 5.11%
$30K home equity loan FICO 5.20%
$75K home equity loan FICO 4.65%
Credit card rates View more rates
Card type Today +/- Last Week
Low Interest Cards 13.36%
13.34%
Cash Back Cards 17.87%
17.82%
Rewards Cards 17.12%
17.07%
Source: Bankrate.com