BEDFORD, Texas, May 16, 2013 /PRNewswire/ -- PetroTech Oil
and Gas Inc. (OTC PINK: PTOG) is pleased to announce they have
begun retreatment, and work over on the first five wells of their
optioned leases, which contain 110 total wells.
"Over past months PetroTech has reconditioned the roads and
cleared electrical easements. Approximately 65% of the new flow
lines have been laid, new electrical highline wires have been run
on part of the leases, and others repaired. Electrical drops
and new electrical boxes also have been installed," said
Eddie Schilb, President. "PetroTech
plans to utilize their proprietary technology, techniques and
equipment to treat the wells using proven Co2 and Nitrogen
Technology," he added.
"Before the completion of this first five wells, the company
plans to bundle another 5 out of the other 110 wells and begin
treatment planning for those additional units," said Ayo
Odetunmibi, engineer for PetroTech. He also stated that
approximately 70% of the wells could be productive wells; producing
up to 5 Barrels of oil per day per well averages with the proper
treatments, work over and recomplete procedures; this could yield
350 or more barrels per day.
Bart Sweazea (the past engineer
on this project) commented, "This is an exciting project with
outstanding potential. Projects like these can be game changers.
Depending on individual wells."
Safe Harbor
This press release contains statements, which may constitute
"forward-looking statements" within the meaning of the Securities
Act of 1933 and the Securities Exchange Act of 1934, as amended by
the Private Securities Litigation Reform Act of 1995. Those
statements include statements regarding the intent, belief or
current expectations of PetroTech Oil and Gas Inc. with members of
its management team as well as the assumptions on which such
statements are based. Prospective investors are cautioned that any
such forward-looking statements are not guarantees of future
performance and involve risks and uncertainties, and that actual
results may differ materially from those contemplated by such
forward-looking statements. Important factors currently known to
management that could cause actual results to differ materially
from those in forward-statements include fluctuation of operating
results, the ability to compete successfully and the ability to
complete before-mentioned transactions. The Company undertakes no
obligation to update or revise forward-looking statements to
reflect changed assumptions, the occurrence of unanticipated events
or changes to future operating results.
For More Information contact:
Review the company's website at www.petrotechog.com
Investor Relations
Michael
Porter
Porter, LeVay & Rose, Inc.
7 Penn Plaza Suite 810
New York, New York 10001
Phone: 212 564 4700
Email: Mike@plrinvest.com
SOURCE PetroTech Oil and Gas, Inc.
