PetroTech Oil and Gas, Inc.'s Brown 29-1 Well Has Completed Successfully, and Will Begin Production
February 28 2014 - 8:45AM
Marketwired
PetroTech Oil and Gas, Inc.'s Brown 29-1 Well Has Completed
Successfully, and Will Begin Production
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.
DISCLOSURE:
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.
PetroTech Oil and Gas, Inc. Investor Relations: 888-568-7111
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