BEDFORD, Texas, September 6, 2013 /PRNewswire/ --
PetroTech Oil and Gas Inc. (OTC Markets: PTOG) is pleased to announce the engagement of Rattray and Associates CPA's, to complete the necessary filings and audits to upgrade the company to fully reporting status on the OTC: QB, along with the engagement of The law offices of Jonathan Leinwand to prepare the Form 10 filings.
"Rattray and Associates has been retained as the Company's auditor to facilitate full GAAP audits for YE 2011 and YE 2012 and 2013, providing transparency to current and future shareholders" Stated Ken Weidrich CFO of Petro Tech oil and Gas.
"Petrotech President Eddie Schilb stated, "Rattray and Associates have successfully completed several recent acquisitions and mergers and look forward to seeing its expertise benefit the shareholders of PetroTech. With the addition of Rattray and Associates, and Jonathan Leinwand, we strongly feel we have a great team in place to ensure that the financial integrity and accountability that is so important today is in place for our shareholders."
About Rattray & Associates:
Established in 2007, Rattray & Associates, comprehensive accounting and auditing services to non-profit, public, private, and government organizations across the United States. Years of experience enable the firm to provide personalized, expert advice to help formulate informed business decisions and provide solutions consistent with the objective of sustaining profitable growth. Our business staff specializes in a wide variety of business environments, which enhances our team with an extensive knowledge and expertise in various business industries. This knowledge and expertise allows us to navigate the twists and turn of ever-changing regulations, knowing what direction will yield the best results and uncovering opportunities to help our client succeed. We offer assistance with:
- GAAS Auditing
- GAAP Full Service Accounting And Auditing
- Business Plan Writing
- Loan Proposals
- They provide the best quality in professional services at a modest client investment. Our competencies include Small business development and expansion, auditing publicly traded companies and GAAP & GAAS Accounting
ABOUT: Jonathan Leinwand, Esq.
Jonathan Leinwand earned his law degree (juris doctor) from the University of Miami School of Law in 1995. Mr. Leinwand first worked for Andrew Hall & Associates in Miami practicing in the area of complex commercial litigation. In 1996 he began his own practice concentrating on private placements, reporting under Securities Exchange Act of 1934, and acted as outside counsel on behalf of public companies traded on OTC Bulletin Board, OTC Markets, NASDAQ and American Stock Exchange as well as other corporate consulting work. Mr. Leinwand acts as "in-house" counsel for publicly traded companies handling corporate and securities issues, managing outside counsel, and advising on capital markets and fund raising. He also advises investors and broker-dealers on PIPES and compliance issues related to private placements and restricted securities. Mr. Leinwand has also brought several companies public through reverse mergers and S-1 registration statements.
Mr. Leinwand has served on corporate boards and as an executive in a public company, providing him with a perspective from inside the corporation. Admitted to practice in Florida and the Southern District of Florida
Forward-Looking Statements - Safe Harbor: 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. Please also be advised that the company's stock is not currently registered with the Securities and Exchange Commission.
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.
Kenneth Wiedrich, CEO
Petrotech Oil & Gas, Inc.
2520 Harwood Road Suite 200
Bedford, TX 76021
Investor Relations +1-888-568-7111
SOURCE PetroTech Oil and Gas, Inc.