Petrotech Oil and Gas, Joint Venture With Rolling Hills Oil and Gas North Dakota Has Obtained the First Contract With a Multibillion Dollar Industry Giant to Provide Completion Rigs
BEDFORD, Texas, November 18, 2013 /PRNewswire/ --
PetroTech Oil and Gas Inc. (OTC: PTOG) (the "Company" or Petrotech"), PetroTech 's joint venture with Rolling Hills announced this afternoon that Rolling Hills has obtained the first executed contract to provide completion rigs with Halcon Resources, a multibillion-dollar industry leader in the Bakken Shale play, and other major areas of the US. The contract will provide for one-year probation period and will generate $20,000.00 a day per rig, plus additional charges for additional services.
"We believe that once both rigs are manufactured and working full time per 24 hour period, the two rigs could generate over $640,000.00 per month." Said Eddie Schilb president of Petro Tech Oil and Gas, " The contracts require two stages and execution of the two contracts for completion, but we have completed the first part and are confident in completing the balance" he added, we will keep our shareholders up to date once everything is done.
About Continental Resources:
Continental Resources, Inc. (NYSE: CLR), based in Oklahoma City, is focused on the exploration and production of onshore oil-prone plays and is a Top 10 independent oil producer in the United States. The Company has a long and successful history of developing its industry-leading leasehold and production in the nation's premier oil play, the Bakken of North Dakota and Montana, as well as significant positions in Oklahoma in its recently discovered SCOOP play and the Northwest Cana play. In 2013, the Company will celebrate 46 years of operation.
About Halcon Resources:
Halcón Resources Corporation (Halcón) (NYSE: HK) is an independent energy company focused on the acquisition, production, exploration and development of onshore liquids-rich assets in the United States. While Halcón is a new venture, we operate on a proven strategy used in prior, successful ventures. We have an experienced staff and use the most advanced technology, enabling us to make informed and effective business decisions. Spanish for hawk, Halcón embraces the vision and agility to become a resource powerhouse in the oil and gas industry.
About Rolling Hills Oil and Gas LLC;
Rolling Hills Oil and Gas are licensed operators in the Bakken in North Dakota. They are operating several wells in the area and have many years' experience in operations and overseeing of production. They offer transportation and logistics as well as maintenance, administration, and accountability in the Oil and Gas Industry.
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.
SOURCE PetroTech Oil and Gas Inc.