BEDFORD, Texas, September 25, 2013 /PRNewswire/ --
PetroTech Oil and Gas Inc. (the "Company" or Petrotech") (OTC:
PTOG) is pleased to announce the following updates:
We wanted to update our shareholders on the progress on the
Navarro County leases and the
positive test for oil in well number 11 of the knox lease. Our
machine shop has completed all the special fabrication necessary
and put together all the material and parts so that we can begin
moving the rigs and equipment in and resume the process of
production on our first well. We are excited by the results thus
far. With the recent high oil prices and high quality oil that is
produced in this area we should be able to bring in 5 to 10 BOPD on
this first well.
Charles Stevenson Operations Manager commented that, "We hope to
increase that amount after major treatment and using our technology
to 20 to 25 BOPD, with prices at 108 a barrel, we are very excited
about this.
We wanted to release a second update on the progress of our
recent LOI to acquire the property in Oklahoma. We have begun title work and have
started drafting a final agreement for purchase, which we will be
presenting soon. We have had favorable discussions in regard to
obtaining our financing for the acquisition, and we are planning
another trip next week to Oklahoma
to keep the acquisition moving forward to closing. We have been
advised that we should obtain the following production rates based
on a three level work and production plan:
Vice President Ayo Obetunmibi
commented that, " Once we achieve and implement this plan, we
should will self fund much of our future development on our other
leases as well as cover our corporate operating cost of
business".
PetroTech Oil and Gas, Inc. uses multiple patent technologies
for Enhanced Oil Recovery and in some cases will use their new
pumping system co developed by PetroTech. We will use this patented
technology with other proven technologies currently used in the
industry to drill, complete equip new drill wells and older wells
with secondary production opportunities. Throughout the United States there are primary depleted
oil reservoirs representing billions of barrels of oil that lend
themselves to the use and exploitation of Enhanced Oil Recovery and
PetroTech Oil and Gas, Inc.'s proven patented technology. Without
EOR technology, these reservoirs will produce only about 20% of
their Original Oil in Place. Gas injection EOR is a proven method
that has been in use over the last 50 years in the oil fields of
West Texas, Kansas, Oklahoma, Michigan, Wyoming and Oklahoma. Starting in the late 1990's we
started researching various EOR methods and sources of gases and
mixtures of gases to find an alternative gas to pure CO2 for EOR.
In doing so, we found that a N2-CO2 mixture was 2-3 times more
efficient than CO2 in the recovery of stranded oil. Recently we
have been introduced to a patented exhaust unit that was more
efficient than regular CO2. A new prototype of that equipment was
then built for injection purposes; and is in the process of being
further developed for commercial use.
We have analyzed the different types of oil producing reservoirs
in most of the major geological basins in the United States and have determined that the
use of our process and method will enhanced the recovery of
stranded oil reserves in these areas that otherwise may never be
produced. The pinnacle reefs, other reefs in Texas make excellent reservoirs for EOR
because they are compact, have consistent reservoir properties,
thick pay columns, and are overlain by an impermeable cap seal.
However other formations have responded favorably as well. These
reservoirs represent over 300 million barrels of recoverable
stranded oil using our patented method and technology. CO2 floods
have been successful on the reefs in the US with rates as high as
1000 BOPD. Our process will have a major impact on the recovery of
stranded oil in U.S. basins. This statement is based on the fact
that we have an unlimited source of gas and we do not need an
expensive infrastructure to transport the gas, plus the fact that
it is proven that a mixture of CO2 and N2 is more efficient than
CO2 in some trials.
The cost and recovery of a project will be dependent on size of
structure and depth; the cost will range depending on type of
formation and type of treatment design. Hopefully, per project we
will capture an additional 20% to 40% of oil in place. Attempting
to do this in a period of 5 years as opposed to the original 20% of
oil that has already been produced; which may have taken ten to
twenty years. Each successful project is estimated to have a six to
twelve month payout.
For more information please go to our websites, which can be
found at: http://petrotechog.com
Certain information discussed in this press release may
constitute forward-looking statements within the Private Securities
Litigation Reform Act of 1995 and the federal securities laws.
Although the Company believes that the expectations reflected in
such forward-looking statements are based upon reasonable
assumptions at the time made, it can give no assurance that its
expectations will be achieved. Readers are cautioned not to place
undue reliance on these forward-looking statements. Forward-looking
statements are inherently subject to unpredictable and
unanticipated risks, trends and uncertainties such as the Company's
inability to accurately forecast its operating results; the
Company's potential inability to achieve profitability or generate
positive cash flow; the availability of financing; and other risks
associated with the Company's business. The Company assumes no
obligation to update or supplement forward-looking statements that
become untrue because of subsequent events.
Website: http://www.petrotechog.com
Phone: +1-817-684-0672
Email: info@petrotechog.com
Investor Relations
Gabriel Rodriguez
E Relations Group
+1-623-255-5750
SOURCE PetroTech Oil and Gas, Inc.