Tiger Oil and Energy Acquires Jett Rink Oil
October 05 2010 - 01:00AM
Marketwired
Tiger Oil and Energy, Inc. (OTCBB: TGRO) -- The Board of Directors
announces that TIGER OIL AND ENERGY, (formerly UTEC, Inc.), (the
"Company"), closed an exchange agreement with Jett Rink Oil, LLC,
wherein the Company acquired 100% of Jett Rink Oil, LLC. which will
operate as a wholly-owned subsidiary of the Tiger Oil and Energy.
Please refer to the Company's recently filed 8K for a detailed
outline of the transaction.
With this purchase, the Company has acquired interests in two
oil and gas leases located in Creek County, State of Oklahoma,
together with all equipment located thereon. Additionally, Tiger
Oil has negotiated oil rights and obligations under an acquisition
agreement dated July 23, 2010, between Tiger Oil and Targe Energy
Exploration Production, LLC ("Targe Energy") with respect to the
purchase of Targe Energy.
SHILO PROJECT
The Company owns a 7.5% working interest with 80% net revenue
interest, in the gas and oil lease containing 40 acres more or
less, located in Creek County, State of Oklahoma. The Company also
owns a 11.5% working interest with 80% net revenue interest, in the
gas and oil lease located in Creek County, State of Oklahoma (the
"Shilo #2"). The two wells were drilled in 2006. The Shilo #1
originally produced 550 MCFG/D w/no water from a 10 foot Dutcher
section (2940' - 2950'). From June, 2007 through November, 2009,
(the available production history of the well) this well produced a
cumulative 61,087 MCFG at an average monthly rate of 2068
MCFG/month and 374 BO. The Shilo #2 originally produced from the
Bartlesville sand at 2410' - 2414'. Initial production was 55MCFG +
2 BO + ¼ BW per day.
KEVIN-SUNBURST DOME PROJECT
The Company has been designing a drilling program for oil and
gas leases in the Kevin-Sunburst Dome Project, located in Toole
County, Montana (the "Kevin-Sunburst Dome") that will cover
approximately 37,000 gross leasehold acres. It is anticipated that
drilling will commence in the spring of 2011.
Since 1922, more than 130 million barrels of oil ("MMBO") and
150 billion cubic feet of gas ("BCFG") have been produced from the
Kevin-Sunburst Dome, not including Cut Bank Field (190 MMBO and 500
BCFG) near the Kevin-Sunburst Dome's western edge. The source for
the oil and gas in the Kevin-Sunburst Dome has been attributed to
the Mississippian Bakken Formation. Eight geologic formations
produce on the Kevin-Sunburst Dome, ranging from Cretaceous Bow
Island gas at 500 feet deep, to Devonian Nisku oil at 3,000 feet.
The Nisku Formation is a diagenetic dolostone that appears to be
oil and gas saturated across the entire dome and could be an
overlooked resource play but has proven production in the area.
Notice Regarding Forward-Looking
Statements This news release contains "forward-looking
statements" as that term is defined in Section 27A of the United
States Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Statements in this press release which are
not purely historical are forward-looking statements and include
any statements regarding beliefs, plans, expectations or intentions
regarding the future. Such forward-looking statements include,
among other things, the anticipated exploration, development,
production and acquisition of properties. Actual results could
differ from those projected in any forward-looking statements due
to numerous factors. Such factors include, among others, the
inherent uncertainties associated with energy exploration and
development stage exploration companies. These forward-looking
statements are made as of the date of this news release, and we
assume no obligation to update the forward-looking statements, or
to update the reasons why actual results could differ from those
projected in the forward-looking statements. Although we believe
that the beliefs, plans, expectations and intentions contained in
this press release are reasonable, there can be no assurance that
such beliefs, plans, expectations or intentions will prove to be
accurate. Investors should consult all of the information set forth
herein and should also refer to the risk factors disclosure
outlined in our annual report on Form 10-K for the most recent
fiscal year, our quarterly reports on Form 10-Q and other periodic
reports filed from time-to-time with the Securities and Exchange
Commission.
Contact: Ken Liebscher CEO kenliebscher@hotmail.com
Tiger Oil and Energy (CE) (USOTC:TGRO)
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