Oil Production Tanks Ordered, and Roads Are Being Set for the New
Lease Acquisition at PetroTech Oil and Gas in Nowata, Oklahoma
BEDFORD, Texas, October 24, 2013 /PRNewswire/ --
PetroTech Oil and Gas, Inc. (OTC: PTOG) announces they have
ordered New Oil Production Tanks, and roads are being set at their
new acquisition in Nowata,
Oklahoma. Salt-water tanks have already been delivered and
the reworking of the first five wells of their new acquisition of
the 80-acre lease in Nowata,
Oklahoma is under way. The lease known, as the Brown lease,
has 12 existing oil and gas wells and one disposal well that
PetroTech and Cavu Resources, has begun reworking. ?The project is
an expected $400,000 investment with
over $175,000 committed to date, with
an expected first five wells online within 30 days, and the balance
of the 7 wells online by mid December, and a plan to have all wells
producing anywhere from 270 Barrels per month to 600 Barrels per
month, with revenue of $27,000.00 to
$60,000.00 per month. Added with 4 gas wells, which will
bring in an additional $4000.00 a
month.
"We are pushing hard to get this project completed as soon as
possible, with another 480 acres targeted on the area. We expect
immediate results on the reworked wells. ?We also plan to test an
opportunity in the Mississippi and
Woodford zones. These wells could
initial flow 50 to 60 barrels a day with at least 6 drilling
locations spotted on our lease. We estimate the minimum oil
produced from existing wells to be 20 barrels a day with another
300mcf of gas a day. We continue to look for undervalued
opportunities to increase PETROTECH OIL AND GAS, INC.'s assets and
income base. We have ordered the Storage Tanks and Saltwater tanks
as well for our Navarro # 11
well." stated Eddie Schilb,
President. "We expect that with the production from both
facilities, will bring our production to well over 700 to 1000
barrels per month" he added.
About the Nowata Oklahoma Lease:
Located in Nowata County,
Oklahoma, this project is situated on the Northeastern edge
of the Northeast Oklahoma Shelf, which has proven to be prolific in
coal bed methane gas since it was developed beginning in the early
1990's. PETROTECH OIL AND GAS, INC.'s properties are surrounded by
leases operated by some of the major players in the field such as
Newfield Exploration, Mid-Continent, Inc. (NYSE:NFX), Energy Quest
Resources and Endeavor Energy. This area of northeastern
Oklahoma has an extensive drilling
history extending back to the early 1900's.
The key to success in this area of Oklahoma is optimizing production from the
many hydrocarbon-bearing zones, which includes the coal seams. With
most wells encountering about a dozen zones that have known
production in this area, the drilling risk is extremely low. Having
this serendipity also extends the production life of wells from
10-12 years to 15-20 years.
Please visit our website to view photos of the RE-WORK OF
NOWATA AND NAVARRO at
http://www.petrotechog.com?
About PetroTech?
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 enhance
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: 888-568-7111
Email:?info@petrotechog.com?
Investor Relations
Gabriel Rodriguez?
E Relations Group
+1-623-255-5750
SOURCE PetroTech Oil and Gas, Inc.