EAST HANOVER, N.J., Aug. 8, 2012 /PRNewswire/ -- Unity Management Group (PINKSHEETS: UYMG), a business resource and service company, announced today that On Track Technology and their consulting firms have negotiated a farm out of 2 continuous leases (with UYMG ), which have 28 wellbores identified at the Texas Railroad Commission as lease numbers 01759 and 01388. The leases have 1 wellbore already approved as an injection well by the Railroad Commission of Texas. For the past several months On Track has been performing due diligence with a Petroleum Engineer who has a vast knowledge of the area, as well as past experiences with treatments and wellbores. The primary focus of the due diligence has been on the performance of various wells, as well as the requirements to bring the wells back online. During our initial viewing of these wells, 3 wells flowed freely. We believe that less than 9% of the wells in the United States are considered free flowing wells. Based on field information and our initial testing we hope to achieve 80 BOPD with a successful Nitrogen or CO2 Huff and Puff or Flood. While the price of oil varies daily we used $86.08 per barrel (although most 5 year forecast is $101.07 Per Barrel); upon successful implementation and good results; 80 BOPD would add approximately $167,477 per month or $2,009,724 annually. The lease requires the following: successful well treatment, production flow line, a separator, and production equipment.
On Track Vice President and Staff Engineer Ayo Odetunmibi said, "After evaluating what structurally needs to be built out on the property, with our technology; it seems we are in the right place at the right time."
As previously stated, Enhanced Oil Recovery projects have the highest financial returns in the industry. One company estimates their economic per barrel dollar cost on these projects at current oil prices is in the range of the mid-twenties, depending on the specific field and area. Co2 is becoming more popular; current success of CO2 gas floods (80 projects producing approximately 200,000 barrels of oil a day an average of 2,500 Barrels of oil a day per project).
About Unity Management Group, Inc.
Unity Management Group, Inc. maintains a network of contacts in the financial community. Our experience facilitates the development of relationships that may lead to financing, joint ventures and other opportunities that are so essential in this age of business and technological relationships.
Unity Management Group, a business resource company, will continue to provide innovative management services that offer high value and significant return on investment through its three subsidiary companies: Unity Capital Acquisitions, Unity Technologies Inc., and United Business Services Inc.
Unity Technologies Inc. is a complete software solutions company offering billing, electronic medical records, and electronic health records for physicians' offices and hospitals. Unity Capital Acquisitions will focus on building and accelerating growth oriented companies, with the intent of spinning them out to our shareholders as separate public companies.
For more information please go to our websites which can be found at
About On Track Technology Solutions:
On Track Technology Solutions Inc. is a service, heavy Equipment and production company. They develop solutions through their R&D department and through the services department. They work with other service companies and are available to preform services and provide equipment to their company fields after acquisition, to third party companies for hire and for state and regulatory agencies projects. On Track combines existing technologies for production equipment, EOR equipment, treatments (chemicals, CO2, Nitrogen and mixtures) and processes to provide unique solutions and enhancements for service, hydrocarbon production, and building of structures/infrastructures. On Track Technology Solutions Inc. may identify service and acquire energy properties with previously discovered known oil and gas reserves that have not either been fully produced, or fully developed and defined. They will accomplish this through joint venture, farm outs, acquisition, third party service fee, or other means. Such as utilizing new and existing proprietary technologies. Additionally they will be providing equipment, preform heavy equipment construction work in multiple industries, providing multiple services; depending on the need of a project. On Track believes the oil gas industry and EOR segment is a rapid booming field; On Track expects to generate profit in this field as well in other fields of operation.
On Track Technology Inc. uses multiple patent technologies for Enhanced Oil Recovery (EOR) gas treatment. We will use this patented technology with other proven EOR technology currently used in the industry. 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 On Track Technology 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.
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.
Unity Management Group, Inc.
SOURCE Unity Management Group, Inc.