BEDFORD, Texas, November 18, 2013 /PRNewswire/ --
PetroTech Oil and Gas Inc. (OTC: PTOG) (the "Company" or Petrotech"), today announced
that they have entered into a joint venture with Rolling Hills Oil and Gas LLC of North
Dakota (RR) to obtain financing for two 20,000 foot Completion and work over rigs. The
joint venture calls for Rolling Hills to arrange funding from one of their equipment
lines, and PTOG would, once purchased and manufactured per specs, will contract the two
rigs with one of the major producers in North Dakota such as Halcon Resources, and
"This is an opportunity for our company to participate in a venture to secure a huge
revenue source over the next Three to Five years that will exceed anything we have done to
date, with no expense on our part or any additional debt to our company." Said Eddie
Schilb president of Petro Tech Oil and Gas, "These two rigs once put into production will
bring in $40,000.00 per day at 24 days per month "
About Continental Resources:
Continental Resources, Inc. (NYSE: CLR), based in Oklahoma City, is focused on the
exploration and production of onshore oil-prone plays and is a Top 10 independent oil
producer in the United States. The Company has a long and successful history of developing
its industry-leading leasehold and production in the nation's premier oil play, the Bakken
of North Dakota and Montana, as well as significant positions in Oklahoma in its recently
discovered SCOOP play and the Northwest Cana play. In 2013, the Company will celebrate 46
years of operation.
About Halcon Resources:
Halcon Resources Corporation (Halcon) (NYSE:HK) is an independent energy company
focused on the acquisition, production, exploration and development of onshore
liquids-rich assets in the United States. While Halcon is a new venture, we operate on a
proven strategy used in prior, successful ventures. We have an experienced staff and use
the most advanced technology, enabling us to make informed and effective business
decisions. Spanish for hawk, Halcon embraces the vision and agility to become a resource
powerhouse in the oil and gas industry.
About Rolling Hills Oil and Gas LLC;
Rolling Hills Oil and Gas are licensed operators in the Bakken in North Dakota. They
are operating several wells in the area and have many years' experience in operations and
overseeing of production. They offer transportation and logistics as well as maintenance,
administration, and accountability in the Oil and Gas Industry.
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:
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.
Phone: + 888-568-7111
E Relations Group
SOURCE PetroTech Oil and Gas Inc.