BEDFORD, Texas, August 2, 2013 /PRNewswire/ --
PetroTech Oil and Gas, Inc. (OTC: PTOG) is pleased to announce they have been successful in the first well number 11 in free flowing oil.
"Pre testing of the chemical intended to treat the well, resulted in free flowing oil from the annulus, and production from the oil zone into the test tank beside the wellbore" Said Eddie Schilb President, PetroTech, he went on to add "We are excited about the results from the work effort. The primary free flowing IP test indicated pretreatment production of 5 to 10 barrels of oil per day, and when sustained at that rate production gross revenue per month could exceed $20,000.00.
"We hope that after major treatment is completed with our own technology that we will significantly increase that amount," said Ayo Odetunmibi engineer for Petrotech. He added that 70% of the wells located on these leases could be productive wells, producing up to 5 barrels of oil per day averages but with the proper treatments, work over and recomplete procedures; this could yield 350 or more barrels per day, and it seems we are on the right track so far.
"Please look for our announcement of our location web cam coming up soon"
See an exclusive video and informative presentation for PetroTech Oil and Gas, Inc.'s - "State of Art" Technology & Developments by viewing: http://www.johnnyrichardson.com/petrotech/petro.html
This press release contains statements, which may constitute "forward- looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of PetroTech Oil and Gas Inc. with members of its management team as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned
Transactions. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
SOURCE PetroTech Oil and Gas, Inc.