NEW YORK, March 28, 2011 /PRNewswire-FirstCall/ -- Energtek
Inc. (Pink Sheets: EGTK) , a leader in hi-tech natural gas
solutions and Adsorbed Natural Gas (ANG) technology, announced
today that its geological team has recommended drilling coordinates
for extraction of natural gas, on the block licensed to the company
in Southern Israel.
The identification and recommendation of specific drilling
coordinates followed the completion of a thorough evaluation on
potential gas reserves at the Nir-Am block, as reported earlier
this month.
The geological team estimates that recoverable gas resources
(contingent resources)-in the specific reservoir where drilling
will take place-amount to 1.7 BCF (Billion Cubic Feet).
Energtek is currently in the process of carrying out the
organizational activities necessary to perform the drilling.
Drilling at the Nir-Am block is expected to commence in the coming
months.
"Energtek is continuing to advance efforts to extract its own
source of natural gas, and then transport and distribute to local
industrial energy consumers," said Energtek's CEO Lev Zaidenberg. "This is an additional step in a
process that should generate revenues in Israel for our company in the coming quarters,
in addition to our ongoing efforts to advance revenue generating
activities in other countries."
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.