NEW YORK, March 9, 2011 /PRNewswire-FirstCall/ --
* Prospective Gas Resources of 5 Billion Cubic Feet
Energtek Inc. (Other OTC: EGTK.PK ) , a leader in hi-tech natural gas solutions and Adsorbed Natural Gas (ANG) technology, announced today that it has completed an evaluation of gas reservoirs in the licensed block in Southern Israel. The evaluation was performed following the successful production test, as reported in December 2010, of the NirAm Gas1 well.
Based on the analysis of seismic and geophysics data as well as a detailed analysis of the results of the production test, the geological team estimated that the recoverable gas resources (contingent resources) of the reservoir at which the Nir-Am Gas1 was drilled amount to 1.7 BCF (Billion Cubic Feet). In addition, the geological team identified three similar natural gas reservoirs in the Nir-Am block. Prospective gas resources from the identified reservoirs may total as much as 5 BCF.
Should these amounts be attainable, they would represent at current market prices tens of millions of dollars. The utilization of Energtek's technologies and know-how would enable the provision of the extracted gas to industrial consumers, significantly increasing the sales value of the extractable gas.
In particular, Energtek has already initiated engineering and regulatory activities for a local energy mobile supply project based on the Natural Gas reserves from the Nir-Am Gas1 well. The company has also reported that significant quantities of oil may be present at the Nir-Am block, which is officially licensed to Energtek for oil and gas exploration and exploitation.
"We are very pleased with the results of the evaluation," said Former Minister of Infrastructure and Energtek Chairman Eliezer Sandberg. "In the present economic and geopolitical conditions, it is of utmost importance to promote the utilization of every indigenous source of natural gas and oil in Israel, especially those that are close to the energy consumers. The importance of these sources in the forthcoming years cannot be overemphasized."
About Energtek (EGTK)
Energtek develops and applies innovative low-pressure mobile transportation solutions for industrial consumers and fleets of small vehicles. The company is also involved with oil and gas exploration in Israel. Energtek operates subsidiaries in North America, Europe, Asia and the Middle East. To learn more about Energtek, visit http://www.energtek.com
This release contains forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of Energtek and its technologies. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and other matters set in Energtek's filings. These risks and uncertainties could cause actual results to differ materially from those indicated in the forward-looking statements.
Contacts: Investor Relations IR@energtek.com +1-212-999-6202
SOURCE Energtek Inc.