NEW YORK, March 28, 2011 /PRNewswire-FirstCall/ -- Energtek Inc. (Pink Sheets: EGTK) , a leader in hi-tech natural gas solutions and Adsorbed Natural Gas (ANG) technology, announced today that its geological team has recommended drilling coordinates for extraction of natural gas, on the block licensed to the company in Southern Israel.
The identification and recommendation of specific drilling coordinates followed the completion of a thorough evaluation on potential gas reserves at the Nir-Am block, as reported earlier this month.
The geological team estimates that recoverable gas resources (contingent resources)-in the specific reservoir where drilling will take place-amount to 1.7 BCF (Billion Cubic Feet).
Energtek is currently in the process of carrying out the organizational activities necessary to perform the drilling. Drilling at the Nir-Am block is expected to commence in the coming months.
"Energtek is continuing to advance efforts to extract its own source of natural gas, and then transport and distribute to local industrial energy consumers," said Energtek's CEO Lev Zaidenberg. "This is an additional step in a process that should generate revenues in Israel for our company in the coming quarters, in addition to our ongoing efforts to advance revenue generating activities in other countries."
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.