Unity Management Group, Inc. Changes Name To PetroTech Oil &
Gas, Inc.
EAST HANOVER, N.J., April 3, 2013 /PRNewswire/ -- PetroTech Oil
and Gas, Inc., (OTC Pink: PTOG), an oil and gas property
acquisition and services company announced that it has legally
changed its name From Unity Management Group Inc. to PetroTech OIL
& GAS, INC. and its stock ticker symbol has been changed
to "PTOG". The company previously acquired Unity Management
Group, Inc., (OTC Pink: "UYMG") through a reverse merger
transaction on February 11,
2013. The new name more accurately reflects the company's
business focus and investments in the energy industry.
A new CUSIP number of 71677C 106 has been assigned
to the Company's common stock. Outstanding stock certificates
and warrants for shares of the Company's common stock are not
affected by the name change; they will continue to be valid and
need not be exchanged.
Edward Schilb, President of
PetroTech commented, "By acquiring Unity it gives us the ability to
access growth capital in the public markets while obtaining higher
asset values for our properties. We are seeing a significant
number of exciting opportunities to grow our company.
Our expertise and technology gives us the ability to re-work over
100 shallow shut-in wells on our properties and significantly their
increase oil production. Historically, these wells have been
productive assets and we are confident that we can improve their
current production value and profitability. We look forward
to building our business and becoming a significant player in the
oil and gas industry."
About PetroTech
Petrotech 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 CO2 in the
recovery of stranded oil. Recently we have been introduced to a
patented exhaust unit that was more efficient than regular CO2. A
new prototype of that equipment was then built for injection
purposes; and is in the process of being further developed for
commercial use.
We have analyzed the different types of oil producing reservoirs
in most of the major geological basins in the United States and have determined that the
use of our process and method will enhanced 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 using our patented method and technology.
CO2 floods have been successful on the reefs in the US with
rates as high as 1000 BOPD. Our process will have a major impact on
the recovery of stranded oil in U.S. basins. This statement is
based on the fact that we have an unlimited source of gas and we do
not need an expensive infrastructure to transport the gas. Plus the
fact that it is proven 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; the cost will range depending on type of
formation and type of treatment design. Hopefully, per project we
will capture an additional 20% to 40% of oil in place. Attempting
to do this in a period of 5 years as opposed to the original 20% of
oil that has already been produced; which may have taken ten to
twenty years. Each successful project is estimated to have a six to
twelve month payout.
For more information please go to our websites which can be
found at:
http://petrotechog.com
Certain information discussed in this press release may
constitute forward-looking statements within the Private Securities
Litigation Reform Act of 1995 and the federal securities laws.
Although the Company believes that the expectations reflected in
such forward-looking statements are based upon reasonable
assumptions at the time made, it can give no assurance that its
expectations will be achieved. Readers are cautioned not to place
undue reliance on these forward-looking statements. Forward-looking
statements are inherently subject to unpredictable and
unanticipated risks, trends and uncertainties such as the Company's
inability to accurately forecast its operating results; the
Company's potential inability to achieve profitability or generate
positive cash flow; the availability of financing; and other risks
associated with the Company's business. The Company assumes no
obligation to update or supplement forward-looking statements that
become untrue because of subsequent events.
Investor Relations
Lucille Belo
Chief Operating Officer
Porter, LeVay & Rose, Inc.
212-564-4700
SOURCE PetroTech Oil and Gas, Inc.
