On Track Technology Announces Development Of New Oil Pump System
EAST HANOVER, N.J., Aug. 27, 2012 /PRNewswire/ -- Unity Management Group (OTC Pink: UYMG), a business resource and service company, is pleased to announce its wholly owned subsidiary, On Track Technology Solutions Inc.(OTT), has successfully completed its prototype pumping system, which is known as the NG Pumping System. OTT has been working diligently with its engineers to complete the NG Pumping System prototype on time and on schedule. The NG Pumping System is a green energy friendly system that can work with new wells or assist in the efficiency of stripper wells.
OTT President, Eddie Schilb said, "We believe over the next 30 to 60 days we will be applying for our patent pending and installing the prototype. This unit should reduce installation costs by 60% over a new install of traditional equipment while reducing the labor costs of installation by 50% compared to a new install of traditional equipment." Mr. Schilb continued, "We also believe the NG Pumping System will reduce work over cost of Maintenance/replacement pumps by 45% and reduce daily operating cost by 50%. Our NG Pumping System is a hydraulic system as opposed to the traditional equipment that is a gear unit system. The NG Pumping System also prevents noise pollution and has shown a significant impact on improving safety for workers, livestock, and landowners. We believe the market place will warmly welcome this product based on the economics alone."
"With expected sales of 5,000 units the first year, with a cost range between $5500.00, and $77,00.00, depending on the well depth, this system could revolutionize the way Operators produce oil and gas," said Ayo Odetunmibi Vice President and staff Engineer. With just the 340,000 stripper wells in the US, the possibilities of Services, Joint Ventures and owner operator are very large numbers. The numbers are even greater when one considers the other wells in the US.
Mr. Odetunmibi continued, "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. We believe upon approval of the system from the governing agencies we could have a 42% margin above the cost of manufacturing."
Unity Management Group President, Michael Oliver, said, "As previously stated, Enhanced Oil Recovery projects have the highest financial returns in the industry. This is our primary reason for entering this market. One company estimates their economic per barrel dollar cost on these projects at current oil prices is in the mid-twenty dollar per barrel range, depending on the specific field and area. We are anxious to develop the same profit potential for our shareholders."
Michael Oliver President of Unity Management Group, also added, "Due to the recent acquisition of OTT, our financials were delayed, but we expect to have them complete and posted this week."
According to the DOE (Department of Energy's website at http://www.fossil.energy.gov/programs/oilgas/marginalwells/index.html, one out of every seven barrels of oil produced in the United States comes from a stripper well. A stripper well is a well whose production has slowed to 10 barrels of oil a day or less. There are over 340,000 of these wells in the United States and together they produced 260 million of barrels of oil in 2008, enough to fuel half the jet planes flying in the United States. Many of these wells are marginally economic and at risk of being plugged, leaving significant quantities of oil remaining behind. In fact, several thousand stripper wells are plugged each year. Once a well becomes uneconomic and is plugged, any remaining oil (sometimes as much as two-thirds of the original oil) is unlikely to ever be recovered. This is because of the high cost of re-drilling the well or replacement well and installing pumping, storage and transportation facilities. Therefore, keeping stripper wells in production helps maintain a strong domestic energy supply. The Department of Energy Stripper Well Revitalization effort is committed to developing technologies to improve the performance of marginally economic wells through the Stripper Well Consortium.
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 Technologies 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 Technologies 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.