BEDFORD, TX -- (Marketwired) -- 05/07/14 --
PetroTech Oil and Gas, Inc. (OTC Pink: PTOG) (PINKSHEETS: PTOG) (the "Company" or "PetroTech) today updated shareholders on progress of the Company's 2-year audit and its continued efforts to grow revenues and increase shareholder value through expansion of its core business operations.
The 2-year audit, a key step in the Company's goal to achieve fully-reporting status, is expected to be completed in the next several weeks. As a fully-reporting company, PetroTech will not only be seen as having the highest degree of transparency and credibility among public companies, but it is also expected to provide a wider range of public market listing options for the Company's stock.
In addition to ongoing work to complete and file the audited financials, PetroTech continues to successfully operate its core business in the oil and natural gas sector. Petrotech Oil and Gas, Inc has a 100% ownership in Nowata Prospect #12 lease. A well is in the process of being drilled at this site with completion expected in the next several weeks. Petrotech has generated revenue from the sale of over 1/2 of its ownership of this specific lease, but will maintain a backend working interest on that portion. Ongoing operations also include the application of patented enhanced recovery techniques on existing oil and natural gas leases, the production of oil and gas from those leases, and the identification of additional leases as potential future acquisitions. For detailed information on the Company's services, please visit http://petrotechog.com/eor/.
About PetroTech Oil and Gas, Inc.:
PetroTech Oil and Gas, Inc. uses multiple patent technologies for Enhanced Oil Recovery (EOR), and, in some cases, will use their new pumping system co-developed by PetroTech. 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 yield only about 20% of their original oil reserve. 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 1990s, PetroTech began researching various EOR methods to find an alternative gas to pure CO2 for EOR. In doing so, the Company discovered that a N2-CO2 mixture was 2-3 times more efficient than CO2 in the recovery of stranded oil. PetroTech was introduced to a patented exhaust unit that was more efficient than regular CO2, with a prototype of that equipment being built for injection purposes and being further developed for commercial use.
PetroTech has analyzed the different types of oil producing reservoirs in most of the major geological basins in the United States, and has determined that the use of our extraction methods 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. PetroTech's patented method and technology has the potential to have a major impact on the recovery of stranded oil in U.S. basins. This statement is based, in part, on the fact that there is an unlimited source of gas, an inexpensive infrastructure to transport the gas, and data that supports 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, and will range depending on the type of formation and treatment design. Company forecasts project it will yield an additional 20% to 40% of oil in place, in a period of 5 years. Each successful project is estimated to have a six to twelve month payout.
For more information please go to our website, which can be found at: http://petrotechog.com
PetroTech Oil and Gas, Inc.
Source: PetroTech Oil and Gas, Inc.