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PetroTech Oil and Gas Announce Completion of Their Form 10, Reduction in 1.6 Million in Debt and Audits Ready
PetroTech Oil and Gas Announce Completion of Their Form 10, Reduction in 1.6 Million in Debt and Audits Ready.
About this update from Petrotech Oil & Gas Inc
[{"type":"text","content":"\n\n\n\nPetroTech Oil and Gas Announce Completion of Their Form 10, Reduction in 1.6 Million in Debt and Audits Ready\n\n\n\n\n\nPetroTech Oil and Gas Announce Completion of Their Form 10, Reduction in 1.6 Million in Debt and Audits Ready\nPR Newswire\nBEDFORD, Texas, November 25, 2013\n\n\n\nBEDFORD, Texas, November 25, 2013 /PRNewswire/ --\n\nPetroTech Oil and Gas, Inc. (OTC: PTOG) (the \"Company\" or Petrotech\"), PetroTech announced this morning that they have completed their Form 10 application along with their audits, and are ready for filing with the SEC. They also have secured a major reduction on past debt off the company books of $1,600,000.00, from Duchess Capital to $200,000.00. This will be reflected on the upcoming fourth quarter year-end financials.\n\n\"We are very pleased to finally have our filings done and ready, along with our Audits,\" said Edie Schilb, president of PetroTech. \"We are also very excited that we have been able to reduce our debt from Duchess Capital down from $1,600,000 to $200,000. This will change our financials considerably, and bring a major improvement to shareholder value; we want to continue to bring transparency and updates as we progress to our shareholders, and to continue their support,\" he added.\n\nAbout PetroTech\n\nPetroTech Oil and Gas, Inc. use 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 1990s, 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 w...