BEDFORD, Texas, October 25, 2013 /PRNewswire/ --
PetroTech Oil and Gas, Inc. (OTC: PTOG:) announces they have
scheduled to move their rigs onto the new Nowata lease in Oklahoma, to begin set up for testing and
swabbing on the first of the five wells, along with evaluation of
production levels based on the results. They have ordered new pump
jacks and lines for installation.
"We are excited about moving this project ahead of schedule to
bring production in before the end of year; we expect immediate
results on the reworked wells. We will complete testing an 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 will post the results of tests next week and
expect that the minimum oil produced from existing wells to be 20
barrels a day with another 300mcf of gas a day" stated Eddie Schilb, President.
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.
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 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: 888-568-7111
Email: info@petrotechog.com
Investor Relations
Gabriel Rodriguez
E Relations Group
+1-623-255-5750
SOURCE PetroTech Oil and Gas, Inc.