Business
PetroTech Oil and Gas Announces Company Updates
PetroTech Oil and Gas Announces Company Updates.
About this update from Petrotech Oil & Gas Inc
[{"type":"text","content":"\n\n\n\n\n\n\n\nPetroTech Oil and Gas Announces Company Updates\n\n\n\n\n\n\n\n\n\nPetroTech Oil and Gas Announces Company Updates\n\nPR Newswire\n\nBEDFORD, Texas, September 25, 2013\n\n\n\n\n\n\n\nBEDFORD, Texas, September 25, 2013 /PRNewswire/ --\n\n\nPetroTech Oil and Gas Inc. (the \"Company\" or Petrotech\") (OTC: PTOG) is pleased to announce the following updates:\n\n\nWe wanted to update our shareholders on the progress on the Navarro County leases and the positive test for oil in well number 11 of the knox lease. Our machine shop has completed all the special fabrication necessary and put together all the material and parts so that we can begin moving the rigs and equipment in and resume the process of production on our first well. We are excited by the results thus far. With the recent high oil prices and high quality oil that is produced in this area we should be able to bring in 5 to 10 BOPD on this first well.\n\n\nCharles Stevenson Operations Manager commented that, \"We hope to increase that amount after major treatment and using our technology to 20 to 25 BOPD, with prices at 108 a barrel, we are very excited about this.\n\n\nWe wanted to release a second update on the progress of our recent LOI to acquire the property in Oklahoma. We have begun title work and have started drafting a final agreement for purchase, which we will be presenting soon. We have had favorable discussions in regard to obtaining our financing for the acquisition, and we are planning another trip next week to Oklahoma to keep the acquisition moving forward to closing. We have been advised that we should obtain the following production rates based on a three level work and production plan:\n\n\nVice President Ayo Obetunmibi commented that, \" Once we achieve and implement this plan, we should will self fund much of our future development on our other leases as well as cover our corporate operating cost of business\".\n\n\nPetroTech 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 rese...