|By Marketwired .||
|February 7, 2014 08:45 AM EST||
BEDFORD, TX -- (Marketwired) -- 02/07/14 -- PetroTech Oil and Gas Inc. (OTC Pink: PTOG) (the "Company" or "Petrotech") Update:
Petrotech Oil and Gas is pleased to announce we have completed the following work on the Brown lease. All of the lease roads, the tank battery, and well sites have been rebuilt and graveled allowing for all weather access. All of the electrical has been examined, and either repaired, and or replaced. The disposal well was tested and a manual Integrity Test (MIT) completed for state inspection, and a triplex injection pump was installed to begin disposing of the wastewater. Several leaks were located in gas gathering line to wells, metering/sales point all were repaired, and We have begun selling gas. We have rebuilt five wells and currently have a disposal well and four gas wells producing over 40 MCF per day. As the wells are dewatered and re-injected back into our oil producing zone in the Bartlesville zone we expect the gas production to triple and the oil zone to pressure up and support the 18 well drilling program currently underway. To initiate our 18 well drilling program we engaged a geologist with an extensive background of the various pay zones in the area to spot locations, create a reserve report and develop a dewatering of the gas wells and water injection plan to support our new well program. Our first drilling permit was approved on January the 29th and we began drilling on January 30th Brown well 29-1. The well was drilled to 750" setting 112' of 7" surface casing, Dual Induction and Compensated Density Logs were run showing approximately 15' of pay zone in the upper and lower Bartlesville zones. The 4.5-inch production casing, float shoe, centralizers and casing hanger are set to be delivered and cemented into place as soon as the weather breaks.
"We are very excited as we get closer to completing our first project, we are already pumping gas, and will see revenue begin to come in over the next 30 days, and as soon as the weather breaks we can shoot the first well that's been drilled and get into oil production asap," said Eddie Schilb, president of PTOG.
PLEASE GO TO OUR WEBSITE www.petrotechog.com to view our progress.
About Production in Nowata:
Production rates in this area range from 15 to 50 barrels of oil per day (BOPD) per well with typical results averaging between 5 and 10 BOPD. Initial flow rates can be higher for a short duration before settling into this range with the quality of crude being excellent (33 degrees to 42 degrees API oil). Natural gas is the fallback position in this area due to shallow Excello shale that blankets the area as do several methane gas bearing coal seams. As such, natural gas is almost always produced in a well in this area with production rates ranging from 5,000 to 200,000 cubic feet of gas per day (5 to 200 MCFD).
Since most of this gas is produced from coal seams, initial production rates are actually lower and increase over the first few months because coal seams must "dewater," where water in place in the coal seam is brought to the surface freeing up the gas to begin coming to surface through the well bore. As a result, a typical scenario would be for a well to produce from a coal seam and after dewatering for about a month to start giving up its natural gas. The flow rate of between 950 to 1050 BTU gas will usually start around 5 MCFD and increases as the water comes off with most wells settling in around 30-50 MCFD. In PTOG's project area, there is an estimated 98% completion rate and 100% discovery of gas, making it one of the lowest risk exploration areas in the country.
Located in Nowata County, Oklahoma, this project is situated on the Northeastern edge of the Northeast Oklahoma Shelf, which has proven to be prolific in coal bed seams for both methane gas and oil since it was developed beginning in the early 1990's. The dewatering of the existing gas wells will be injected back into the Bartlesville production zone to help facilitate the oil production.
About The Nowata Lease:
The key to success in this area of Oklahoma is optimizing production from the many hydrocarbon-bearing zones, which includes the coal seams. With most wells encountering about a dozen zones that have known production in this area, the drilling risk is extremely low. Having this serendipity also extends the production life of wells from 10-12 years to 15-20 years.
Production rates in this area range from 2 to 50 barrels of oil per day (BOPD) per well with typical results averaging between 5 and 10 BOPD. Initial flow rates can be higher for a short duration before settling into this range with the quality of crude being excellent (33 degrees to 42 degrees API oil). Natural gas is the fallback position in this area due to shallow Excello shale that blankets the area as do several methane gas bearing coal seams. As such, natural gas is almost always produced in a well in this area with production rates ranging from 5,000 to 200,000 cubic feet of gas per day (5 to 200 MCFD).
Since most of this gas is produced from coal seams, initial production rates are actually lower and increase over the first few months because coal seams must "dewater," where water in place in the coal seam is brought to the surface freeing up the gas to begin coming to surface through the well bore. As a result, a typical scenario would be for a well to produce from a coal seam and after dewatering for about a month to start giving up its natural gas. The flow rate of between 950 to 1050 BTU gas will usually start around 5 MCFD and increases as the water comes off with most wells settling in around 30-50 MCFD. In PETROTECH OIL AND GAS, INC.'s project area, there is an estimated 98% completion rate and 100% discovery of gas, making it one of the lowest risk exploration areas in the country.
Located in Nowata County, Oklahoma, this project is situated on the Northeastern edge of the Northeast Oklahoma Shelf, which has proven to be prolific in coal bed methane gas since it was developed beginning in the early 1990's. PETROTECH OIL AND GAS, INC.'s properties are surrounded by leases operated by some of the major players in the field such as Newfield Exploration, Mid-Continent, Inc., Energy Quest Resources and Endeavor Energy. In fact, PETROTECH OIL AND GAS, INC. Have minority interests in some wells with Newfield Exploration and Endeavor. This area of northeastern Oklahoma has an extensive drilling history extending back to the early 1900's.
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 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 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.
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