NEW YORK, March 9, 2011 /PRNewswire-FirstCall/ --
* Prospective Gas Resources of 5 Billion Cubic Feet
Energtek Inc. (Other OTC: EGTK.PK ) , a leader in hi-tech
natural gas solutions and Adsorbed Natural Gas (ANG) technology,
announced today that it has completed an evaluation of gas
reservoirs in the licensed block in Southern Israel. The evaluation was performed
following the successful production test, as reported in
December 2010, of the NirAm Gas1
well.
Based on the analysis of seismic and geophysics data as well as
a detailed analysis of the results of the production test, the
geological team estimated that the recoverable gas resources
(contingent resources) of the reservoir at which the Nir-Am Gas1
was drilled amount to 1.7 BCF (Billion Cubic Feet). In addition,
the geological team identified three similar natural gas reservoirs
in the Nir-Am block. Prospective gas resources from the identified
reservoirs may total as much as 5 BCF.
Should these amounts be attainable, they would represent at
current market prices tens of millions of dollars. The utilization
of Energtek's technologies and know-how would enable the provision
of the extracted gas to industrial consumers, significantly
increasing the sales value of the extractable gas.
In particular, Energtek has already initiated engineering and
regulatory activities for a local energy mobile supply project
based on the Natural Gas reserves from the Nir-Am Gas1 well. The
company has also reported that significant quantities of oil may be
present at the Nir-Am block, which is officially licensed to
Energtek for oil and gas exploration and exploitation.
"We are very pleased with the results of the evaluation," said
Former Minister of Infrastructure and Energtek Chairman
Eliezer Sandberg. "In the present
economic and geopolitical conditions, it is of utmost importance to
promote the utilization of every indigenous source of natural gas
and oil in Israel, especially
those that are close to the energy consumers. The importance of
these sources in the forthcoming years cannot be
overemphasized."
About Energtek (EGTK)
Energtek develops and applies innovative low-pressure mobile
transportation solutions for industrial consumers and fleets of
small vehicles. The company is also involved with oil and gas
exploration in Israel. Energtek
operates subsidiaries in North
America, Europe,
Asia and the Middle East. To learn more about Energtek,
visit http://www.energtek.com
Forward-Looking Statements
This release contains forward-looking statements within the
meaning of the Securities Exchange Act of 1934, as amended. All
forward-looking statements are inherently uncertain as they are
based on current expectations and assumptions concerning future
events or future performance of Energtek and its technologies.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which are only predictions. In
evaluating such statements, prospective investors should review
carefully various risks and uncertainties identified in this
release and other matters set in Energtek's filings. These risks
and uncertainties could cause actual results to differ materially
from those indicated in the forward-looking statements.
Contacts:
Investor Relations
IR@energtek.com
+1-212-999-6202
SOURCE Energtek Inc.