Business
PTOG Begins 3 Well Drilling Program
PTOG Begins 3 Well Drilling Program.
About this update from Petrotech Oil & Gas Inc
[{"type":"text","content":"\n\n\n\nPTOG Begins 3 Well Drilling Program\n\n\n\n\n\nPTOG Begins 3 Well Drilling Program\nPR Newswire\nBEDFORD, Texas, January 6, 2014\n\n\n\nBEDFORD, Texas, January 6, 2014 /PRNewswire/ --\n\nPetroTech Oil and Gas Inc. (OTC: PTOG) (the \"Company\" or Petrotech\") today announced that PTOG and their partner on this program have acquired all of the necessary equipment to rework four wells on the Nowata lease in Oklahoma. The company has spent more than $182,000.00 to date including Pump Jacks and Tank Barrels. They have repaired all the infrastructure, built new pads, and roads, and have hired the contractor to complete the 4 gas wells, along with the drilling of three new oil wells.\n\n\"We will focus most of our resources on the three new drills on this lease because of the high potential for success, and profitable oil production. We believe we can obtain IP rates of up to 30 Barrels of Oil per Day per well, approximately $3,000.00 a day on one well,\" said Eddie Schilb president of PTOG. \"We have engaged J H Field services to finish the four gas wells and MIT for the disposal well. We will be drilling 3 new wells on this lease simultaneously to the rework program,\" he added.\n\n\"We have started the project according to industry standard procedures.\"\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 1990s 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...