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Petrotech Oil and Gas Inc. Signs Letter of Intent to Purchase Foxfire Leases with Production in Corsicana Texas
Petrotech Oil and Gas Inc. Signs Letter of Intent to Purchase Foxfire Leases with Production in Corsicana Texas.
About this update from Petrotech Oil & Gas Inc
[{"type":"text","content":"\n\n\n\nPetrotech Oil and Gas Inc. Signs Letter of Intent to Purchase Foxfire Leases with Production in Corsicana Texas\n\n\n\n\n\nPetrotech Oil and Gas Inc. Signs Letter of Intent to Purchase Foxfire Leases with Production in Corsicana Texas\nPR Newswire\nBEDFORD, Texas, December 11, 2013\n\n\n\nBEDFORD, Texas, December 11, 2013 /PRNewswire/ --\n\nPetroTech Oil and Gas Inc. (OTC: PTOG) (the \"Company\" or Petrotech\") today announced that they have entered into letter of intent with FOXFIRE INC. OF CORSICANA TEXAS to acquire the existing leases owned by Foxfire Inc., and the production. The leases contain two producing wells that are in good working condition with a production of approximately 290 Barrels of Oil Per month, and gross revenue of about $324,000.00 annually and the wells should maintain this rate for approximately the next ten years.\n\n\"We will continue to build shareholder value, and to grow our production capabilities to bring as much value and cash flow to the company,\" said Eddie Schilb president of Petro Tech Oil and Gas. \"We will keep our shareholders advised as we to when we close this transaction, and begin operating under PTOG, we want to complete this before the year end,\" he added.\n\nAbout PetroTech:\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 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 1990's 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 was 2-3 times more efficient than ...