BEDFORD, TX--(Marketwired - Feb 28, 2014) - PetroTech Oil and Gas, Inc. (OTC Pink: PTOG) (the "Company" or "PetroTech") announced today that on February 27, 2014 PetroTech retain oilfield services to go out and acidize the new drill at Nowata Oklahoma Brown 29-1. This is a standard treatment for the area for this type well. Production Equipment is being set up, and production reports (BOPD), will be announced next week.
"We are pleased to announce that it went very well," said Eddie Schilb, president of PTOG. "The test results were compatible to other successful wells in the area; meaning currently we have signs of a successful well. We will begin swabbing to finish testing the well, and determine whether a sand frack will be needed or required or alternatively we will install the production equipment and start producing the well. We are very excited to have our first producing well come on line."
For more information please go to our website, which can be found at: http://petrotechog.com
Please go to our New Web site for Additional information on our subsidiary company found at LP.US Management Group, Inc.'s website at www.legalizepot.us.
About LP.US Management Group, Inc.
PetroTech's subsidiary, LP.US Management Group, Inc., was founded to enter the rapidly growing medical and recreational Cannabis and Hemp market with the goal of establishing business licenses and opportunities around the legal cultivation, production and distribution of Cannabis and Hemp related products and services. All decisions made by the management team are subject to legal compliance and advice of counsel.
PetroTech and LP.US Management Group, Inc. are planning on executing their business objectives in accordance with current State and Local Laws and Federal Enforcement Policies and Priorities as it relates to Cannabis and Hemp. Potential investors and current shareholders are cautioned that PetroTech and LP.US Management Group, Inc. will obtain advice of counsel prior to actualizing any portion of their business plan. This advice, with regard to specific activities of PetroTech and LP.US Management Group, Inc., State, Federal, or Local legal action, or changes in Federal Government Policy or State and Local laws, may adversely affect business operations and shareholder value.
About PetroTech Oil and Gas, Inc.:
PetroTech Oil and Gas, Inc. uses multiple patent technologies for Enhanced Oil Recovery (EOR), and, in some cases, will use their new pumping system co-developed by PetroTech. 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 yield only about 20% of their original oil reserve. 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, PetroTech began researching various EOR methods to find an alternative gas to pure CO2 for EOR. In doing so, the Company discovered that a N2-CO2 mixture was 2-3 times more efficient than CO2 in the recovery of stranded oil. PetroTech was introduced to a patented exhaust unit that was more efficient than regular CO2, with a prototype of that equipment being built for injection purposes and being further developed for commercial use.
PetroTech has analyzed the different types of oil producing reservoirs in most of the major geological basins in the United States, and has determined that the use of our extraction methods will enhance the recovery of stranded oil reserves in these areas that otherwise may never be produced. The pinnacle reefs, other reefs in Texas make excellent reservoirs for EOR because they are compact, have consistent reservoir properties, thick pay columns, and are overlain by an impermeable cap seal. However, other formations have responded favorably as well. These reservoirs represent over 300 million barrels of recoverable stranded oil. PetroTech's patented method and technology has the potential to have a major impact on the recovery of stranded oil in U.S. basins. This statement is based, in part, on the fact that there is an unlimited source of gas, an inexpensive infrastructure to transport the gas, and data that supports that a mixture of CO2 and N2 is more efficient than CO2, in some trials.
The cost and recovery of a project will be dependent on size of structure and depth, and will range depending on the type of formation and treatment design. Company forecasts project it will yield an additional 20% to 40% of oil in place, in a period of 5 years. Each successful project is estimated to have a six to twelve month payout.