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PETROTECH OIL AND GAS, INC. Acquires Oil and Gas Lease in Nowata, Oklahoma
PETROTECH OIL AND GAS, INC. Acquires Oil and Gas Lease in Nowata, Oklahoma.
About this update from Petrotech Oil & Gas Inc
[{"type":"text","content":"\n\n\n\nPETROTECH OIL AND GAS, INC. Acquires Oil and Gas Lease in Nowata, Oklahoma\n\n\n\n\n\nPETROTECH OIL AND GAS, INC. Acquires Oil and Gas Lease in Nowata, Oklahoma\nPR Newswire\nBEDFORD, Texas, October 23, 2013\n\n\n\nBEDFORD, Texas, October 23, 2013 /PRNewswire/ --\n\nPetroTech Oil and Gas, Inc. (OTC: PTOG) announces the acquisition of an 80-acre lease in Nowata, Oklahoma along with their partner CAVU Resources Inc. The lease known as the Brown lease has 12 existing oil and gas wells and one disposal well that PetroTech and Cavu Resources, has begun reworking. The project is an expected $400,000 investment with over $175,000 committed to date, with an expected first five wells online within 30 days, and the balance of the seven wells online by mid December, and a plan to have all wells producing anywhere from 270 barrels per month to 600 barrels per month, with revenue of $27,000.00 to $60,000.00 per month. Added to four gas wells, which will bring in an additional $4,000.00 a month.\n\nAbout the Nowata Oklahoma Lease:\n\nLocated in Nowata County, Oklahoma, this project is situated on the Northeastern edge of the Northeast Oklahoma Shelf, which has proven to be prolific in coal bed methane gas since it was developed beginning in the early 1990s.?PETROTECH OIL AND GAS properties are surrounded by leases operated by some of the major players in the field such as Newfield Exploration, Mid-Continent, Inc. (NFX), Energy Quest Resources and Endeavor Energy.?This area of northeastern Oklahoma has an extensive drilling history extending back to the early 1900s.\n\nThe key to success in this area of Oklahoma is optimizing production from the many hydrocarbon-bearing zones, which includes the coal seams. With most wells encountering about a dozen zones that have known production in this area, the drilling risk is extremely low. Having this serendipity also extends the production life of wells from 10-12 years to 15-20 years.\n\n\"We are excited having acquired this initial 80 acre project with another 480 acres targeted on the area. We expect immediate results on the reworked wells. We also plan to test an opportunity in the Mississippi and Woodford zones. These well could initial flow 50 to 60 barrels a day with at least 6 drilling locations spotted on our lease. We estimate the minimum oil produced from existing wells to be 20 bar...