EAST HANOVER, N.J., Sept. 6, 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 entered into negotiations for a production acquisition, that includes 29 wells, and approximately $1,057,000.00 in Gross revenue per year and net $600,000.00 annually. This lease has several new drill sites, and carries a high quality of oil. This lease receives over $11.00 bonus per barrel.
"This acquisition consists of the Tullos Heirs, and the Tullos Stenco leases with all active and inactive wells, and tank batteries, with the two leases pertaining to these operations. The company began a program to activate all inactive wells," said Eddie Schilb president of On Track technology Solutions. "The Tullos Heirs lease is comprised of approximately 65 acres under lease with 9 total wells of which 6 are active producing wells and 3 are inactive at his time. The Tullos Stenco lease is comprised of approximately 20 acres under lease with 6 total wells of which 3 are active producing oil wells, one is a salt-water injection well and 2 wells are inactive at this time. The company sells all of its production to Plains All American, which is in the Top 5 buyers of oil in the country, and this is an AAA credit rated company. Plains pays the company currently a 11.50 per barrel bonus on its oil sales above the Central Louisiana posting index averaged 30 days prior to the sale of oil, They have spent the last 15 months enhancing the oil field with new paint on all tank batteries and pump jacks," he also added.
On Track Vice President and Staff Engineer Ayo Odetunmibi commented, "Acquiring production will stabilize the company. and after completion of the acquisition, we are looking forward to the upside potential: based on prior results reported by the prior operator on the EOR test wells."
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.
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.