Breaking News Coverage
for PetroTech Oil and Gas, Inc. (OTC: PTOG)
- October 25, 2013 |
- Last Trade: $
- Change:
- Open: $
- High: $
- Low: $
- Volume:
| Company Snapshot |
PetroTech Oil and Gas, Inc.
2520 Harwood Road
Suite 200
Bedford, TX 76021http://petrotechog.com/
Officers:
Kenneth Wiedrich, CEO
Michael Oliver, Secretary
Eddie Schilb, President
Phone: 817-684-0672
Email: info@petrotechog.com
Sector: Energy
Ticker Symbol: PTOG
Exchange: OTCPink
Shares Outstanding:
35,500,000
Float: 3,850,000
52 Week Low: $0.01
52 Week High: $5.80
|
| PTOG SMS Text Alerts |
Never miss news alerts from
PTOG- Text PRESS to 545454 for
Free News Alerts
|
PetroTech Oil Moves
Equipment and Rigs onto the new Nowata Lease
Bedford, TX, October 25,
2013 /PRNewswire/ PetroTech Oil and Gas, Inc. (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.
Get
News Alerts &
Stock Updates for PetroTech Oil and Gas,
Inc. delivered directly to your Mobile Phone.
Text PRESS to 545454 (News
alerts are free; however standard message & data
rates may apply. Check with your carrier for
more details.)
 “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. .
About PetroTech Oil and Gas, Inc. (OTC: PTOG) |
PetroTech Oil and Gas, Inc. is a recognized
leader in our industry. Our Company was
developed in a world where new technologies and
global markets have changed the equation for
profits in one of the world’s most lucrative
industries. As a result, our Company has adopted
a winning strategy to derive immediate revenue
from existing reserves that have literally been
left in the ground.
PetroTech Oil and Gas, Inc. initiates, operates,
and develops Enhanced Oil Recovery (EOR)
opportunities within qualifying oil reservoirs
in the United States using its Enhanced Oil
Recovery method and technique. Also, PetroTech
Oil and Gas, Inc, is a construction and heavy
equipment company and may bid on various third
party jobs for State and Independent Oil
Companies in the
 form
of fee or Joint Venture; including but not
limited to the Work over, Treating, Installation
of Production equipment or Plugging of abandoned
wells with the State Compliance Agency and bid
on Road work for the State or independents as
well; PetroTech Oil and Gas, Inc intends to
obtain a license to gather oil / pick up from
tank batteries and conduct trading of oil and
other commodities, hydrocarbons and currency.
PetroTech Oil and Gas, Inc is working on
developing and acquisitions of technology in
secondary oil recovery, oil and gas reporting
software, trading software and Nitrogen and CO2
injection equipment. PetroTech Oil and Gas, Inc.
expects to utilize its technology within
depleted reservoirs throughout the United States
capturing hundreds of million barrels of
stranded oil, therefore creating significant
value for its partners and shareholders.
Enhanced oil recovery is also called improved
oil recovery or tertiary recovery (as opposed to
primary and secondary recovery).
The deployment of new technologies, which
greatly reduce operating and extraction costs,
allow PetroTech Oil and Gas, Inc. to bring back
to production previously producing wells and
recognize near term cash flow. These funds
provide the capital to further develop
properties, resulting in reserve appreciation.
Our target markets for acquisitions are large
and small overlooked oil reservoirs where we can
maximize oil production and recoveries while
minimizing the injection time frame and capital
investment. Based on our Reservoir Models, we
believe payout on any particular project will be
between 6 and 12 months with IRR exceeding 300%
during the initial 3-year production period.
Petro tech does plan to Joint Venture new drill
opportunities in more conservative exploitation
ventures.
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.
Management
Eddie
Schilb
will
serve
as
President.
Mr.
Schilb
has
been
involved
in
development
of
multiple
areas
of
construction
for
a
combination
of
Thirty
Years;
and
has
been
an
entrepreneur
for
14
years.
He
has
been
involved
in
the
management
of
many
areas
of
Construction,
Oil
Field
Construction
and
Heavy
Equipment
projects
at
times
managing
over
85
employees,
dealing
with
City,
Local
and
State
Compliance
agencies
and
authorities.
Kenneth
Wiedrich
will
serve
as
CFO.
Mr.
Wiedrich
is a
Senior
level
Executive
with
extensive
hands-on
experience
in
management,
operational
accounting,
reporting
for
public
companies,
finance
functions
and
in
dealing
with
Board
of
Directors,
Banks,
Attorneys,
Audit
firms
and
SEC.
Areas
of
expertise
include:
- Financial & Strategic Planning
- Accounting & Financial Operations
- Budget Development & Management
- Business Startups & Expansions
- Staff Management & Development
- Public Company Accounting & Reporting
He
also
has
experience
with
government
cost
accounting
methods
and
all
related
government
acquisition
regulations.
Good
knowledge
of
personal
computers
and
associated
software
applications.
FN Media Group LLC (FNMG) owns and operates
FinancialNewsMedia.com (FNM) is a third party
publishing provider which disseminates
electronic information through multiple online
media channels. FNMG's intended purposes are to
deliver market updates and news alerts issued
from private and publicly trading companies as
well as providing coverage and increased
awareness for companies that issue press to the
public via online newswires. FNMG and its
affiliated companies are a news dissemination
and financial marketing solutions provider and
are NOT a registered
broker/dealer/analyst/adviser, holds no
investment licenses and may NOT sell, offer to
sell or offer to buy any security. FNMG's market
updates, news alerts and corporate profiles are
NOT a solicitation or recommendation to buy,
sell or hold securities. An offer to buy or sell
can be made only with accompanying disclosure
documents from the company offering or selling
securities and only in the states and provinces
for which they are approved. The material in
this release is intended to be strictly
informational and is NEVER to be construed or
interpreted as research material. All readers
are strongly urged to perform research and due
diligence on their own and consult a licensed
financial professional before considering any
level of investing in stocks. The companies that
are discussed in this release may or may not
have approved the statements made in this
release. Information in this release is derived
from a variety of sources that may or may not
include the referenced company's publicly
disseminated information. The accuracy or
completeness of the information is not warranted
and is only as reliable as the sources from
which it was obtained. While this information is
believed to be reliable, such reliability cannot
be guaranteed. FNMG disclaims any and all
liability as to the completeness or accuracy of
the information contained and any omissions of
material fact in this release. This release may
contain technical inaccuracies or typographical
errors. It is strongly recommended that any
purchase or sale decision be discussed with a
financial adviser, or a broker-dealer, or a
member of any financial regulatory bodies.
Investment in the securities of the companies
discussed in this release is highly speculative
and carries a high degree of risk. FNMG is not
liable for any investment decisions by its
readers or subscribers. Investors are cautioned
that they may lose all or a portion of their
investment when investing in stocks.
This release is not without bias, and is
considered a conflict of interest if
compensation has been received by FNMG for its
dissemination. To comply with Section 17(b) of
the Securities Act of 1933, FNMG shall always
disclose any compensation it has received, or
expects to receive in the future, for the
dissemination of the information found herein on
behalf of one or more of the companies mentioned
in this release. For current services performed
FNMG has been compensated one thousand five
hundred dollars for coverage of this news
releases for PetroTech Oil and Gas, Inc. (OTC:
PTOG) by the company. FNMG HOLDS NO SHARES OF
PetroTech Oil and Gas, Inc. (OTC: PTOG).
This release contains "forward-looking
statements" within the meaning of Section 27A of
the Securities Act of 1933, as amended, and
Section 21E the Securities Exchange Act of 1934,
as amended and such forward-looking statements
are made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act
of 1995. "Forward-looking statements" describe
future expectations, plans, results, or
strategies and are generally preceded by words
such as "may", "future", "plan" or "planned",
"will" or "should", "expected," "anticipates",
"draft", "eventually" or "projected". You are
cautioned that such statements are subject to a
multitude of risks and uncertainties that could
cause future circumstances, events, or results
to differ materially from those projected in the
forward-looking statements, including the risks
that actual results may differ materially from
those projected in the forward-looking
statements as a result of various factors, and
other risks identified in a company's annual
report on Form 10-K or 10-KSB and other filings
made by such company with the Securities and
Exchange Commission. You should consider these
factors in evaluating the forward-looking
statements included herein, and not place undue
reliance on such statements. The forward-looking
statements in this release are made as of the
date hereof and FNMG undertakes no obligation to
update such statements.
|
