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PetroTech Oil and Gas Inc. (PTOG) Begins Rig Mobilization and starts work over project for first 5 of 110 wells.
PetroTech Oil and Gas Inc. (PTOG) Begins Rig Mobilization and starts work over project for first 5 of 110 wells..
About this update from Petrotech Oil & Gas Inc
[{"type":"text","content":"\n\n\n\n\n\n\n\nPetroTech Oil and Gas Inc. (PTOG) Begins Rig Mobilization and starts work over project for first 5 of 110 wells.\n\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:\"0in\";\n}\n\n\n\n\n\n\n\n\n\n\nPetroTech Oil and Gas Inc. (PTOG) Begins Rig Mobilization and starts work over project for first 5 of 110 wells.\n\nPR Newswire\n\nBEDFORD, Texas, May 16, 2013\n\n\n\n\n\n\n\nBEDFORD, Texas, May 16, 2013 /PRNewswire/ -- PetroTech Oil and Gas Inc. (OTC PINK: PTOG) is pleased to announce they have begun retreatment, and work over on the first five wells of their optioned leases, which contain 110 total wells. \n\n\n\"Over past months PetroTech has reconditioned the roads and cleared electrical easements. Approximately 65% of the new flow lines have been laid, new electrical highline wires have been run on part of the leases, and others repaired. Electrical drops and new electrical boxes also have been installed,\" said Eddie Schilb, President. \"PetroTech plans to utilize their proprietary technology, techniques and equipment to treat the wells using proven Co2 and Nitrogen Technology,\" he added.\n\n\n\"Before the completion of this first five wells, the company plans to bundle another 5 out of the other 110 wells and begin treatment planning for those additional units,\" said Ayo Odetunmibi, engineer for PetroTech. He also stated that approximately 70% of the wells could be productive wells; producing up to 5 Barrels of oil per day per well averages with the proper treatments, work over and recomplete procedures; this could yield 350 or more barrels per day. \n\n\n\nBart Sweazea (the past engineer on this project) commented, \"This is an exciting project with outstanding potential. Projects like these can be game changers. Depending on individual wells.\" \n\n\n\nSafe Harbor\n\n\n\nThis press release contains statements, which may constitute \"forward-looking statements\" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statement...