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PetroTech Oil and Gas Announces $800,000 LOI for Bartlesville, Barbee/Brown Lease (Oklahoma) 240 Acres, 26 Wells
PetroTech Oil and Gas Announces $800,000 LOI for Bartlesville, Barbee/Brown Lease (Oklahoma) 240 Acres, 26 Wells.
About this update from Petrotech Oil & Gas Inc
[{"type":"text","content":"\n\n\n\n\n\n\n\nPetroTech Oil and Gas Announces $800,000 LOI for Bartlesville, Barbee/Brown Lease (Oklahoma) 240 Acres, 26 Wells\n\n\n\n\n\n\n\n\n\nPetroTech Oil and Gas Announces $800,000 LOI for Bartlesville, Barbee/Brown Lease (Oklahoma) 240 Acres, 26 Wells\n\nPR Newswire\n\nBEDFORD, Texas, September 17, 2013\n\n\n\n\n\n\n\nBEDFORD, Texas, September 17, 2013 /PRNewswire/ --\n\n\nPetroTech Oil and Gas Inc. (OTC: PTOG) (the \"Company\" or Petrotech\") is pleased to announce that the Company has entered into a Letter of Intent with Cavu Resourses Inc. to purchase and acquire 100% of the working interest, and 81.25 % of the net revenue interest for 240 acres known as the Barbee/Brown lease.\n\n\n\"The lease(s) will have 26 wells to rework.\" CAVU states and that $400,000.00 have already been spent to date. Based on bids and estimates that $400,000.00 will complete and equip all re-works/lease. This should generate approximately 20 to 30 Barrels of Oil Per Day (BOPD), approximately $90,000 per month, and that there are approximate 30 drilling locations on acreage available at the Bartlesville Zone at 700 feet (Average wells come in and produce at 10 to 20 BOPD for approximate 2 to 6 month period and then level off at approximately 1 to 3 BOPD, and also drilling locations at the Mississippi Zone at 1,000 feet (which wells come in and produce approximately 30 to 40 BOPD for approximately 2 to 6 month period and then level off at approximately 5 BOPD.\n\n\n\"There are 8 wells that have been reworked and reequipped and 1 disposal well have been reworked and re-equipped, the production facilities are standard to the industry and are in good working condition to take hydrocarbons for selling commercially, separate, store and dispose of saltwater. CAVU represents and warrants that with the work that has been completed the 8 wells/lease; will produce 8 BOPD to 12 BOPD flat consistent productions. Currently 8-12 BOPD is the production level $37,000.00 per month\" Said Eddie Schilb president Petrotech Oil and Gas.\n\n\nHe went on to add\" The terms consist of$50,00.00 down payment at closing before September 25, and $20,000.00 a month payout on the balance of $350,000.00, which will be covered by the net income on the already producing wells.\n\n\nFor more information on Petrotech Oil and gas please contact:\n\n\n\nAbout PetroTech&nbs...