BEDFORD, Texas, May 23, 2013 /PRNewswire/ -- PetroTech Oil
and Gas Inc. (OTC Pink: PTOG), announced today they have entered
into an agreement to purchase solid controls equipment that will
expand their services by offering waste management solutions for
Oil and gas drilling, completion and work over operations.
"In addition to the first five wells of 110 being worked over,
we are pleased to be working with Solid Services Depot, a
recognized industry leader in the manufacturing of quality solids
control equipment," said Eddie
Schilb president of PetroTech. "Depending on which Rig,
depth, stage and formation; the Rig and equipment will charge a day
rate of between $2,000.00 to $16,000
per day, depending on the amount of equipment and tools used during
that day. Factoring working days, the equipment should
generate gross income of approximately 1,000,000 year and yield a
net of $450,000.00 to $475,000 per
year revenue. We already have a commitment on two major oil company
contracts," he added.
About Solid Control Services
Solids control is a technique that uses combined equipment for
drilling rigs to separate the solids in the drilling fluids that
are crushed by the drill bits and carried out of the well to the
surface.
Solids control systems consist of five stages, including mud
tanks, shale shakers, vacuum degassers, Desanders, desilters and
centrifuge. Each of these items play a major role on the drilling
rig as a filtration system to extract solids from the mud and
return cleaner mud to the active system. It controls Mud weight and
allows the rig to drill faster and keep the properties of the
well-bore hole consistent so that producing formations are
protected, it helps prevent blow outs and is environmentally
friendly.
There is a demand for the services of solids control due to the
rise in the price of oil and gas prices, domestic and developing
countries supply and need for petroleum products, the explosion of
shell well development due to new technologies like solids control
sweeping across the country.
Solids Control Depot (SCD) originated in Central TX. SCD was established to compliment
all of the third party Solids Control organizations with all their
equipment wants and needs.
Solids Control Depot has over 15 years in the Oil and Gas
Industry. We provide the most advanced, cutting edge equipment for
your Solids Control Operations in the field.
Not only does SCD offer a variety of Equipment, SCD also
offer some of the Industries most advanced technicians. Let SCD's
years of experience assist you with the initial Rig Up and Rig
Down, Preventative Maintenance and Training on all of your
equipment's day to day operations, ensuring that you provide First
Class Service to your customers.
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
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.
