Global NuTech Signs LOI to Acquire Texas Gulf Oil and Gas, Inc

HOUSTON, Jan. 19, 2012 /PRNewswire/ -- Global NuTech, Inc. (OTCQX: BOCL) (www.iplantsrv.com) announced today that the company has signed a letter of intent to acquire Texas Gulf Oil & Gas, Inc, located in Houston, Texas. The primary assets of Texas Gulf include leases, options and interests in 19 oil wells throughout the Austin Chalk near Luling, Texas, as well as options on wells to be drilled or re-entered in three leases identified as the Tilmon, Lay, and Rodenberg.  Texas Gulf Oil & Gas, Inc also will provide well services to other companies and individual oil well owners.  The non-binding LOI calls for the acquisition from private equity firm Corporate Strategies Merchant Bankers to be completed on or before January 31, 2012.  The President of Texas Gulf Oil & Gas is Damon Wagley, whose family founded internationally known, Texas-based Wagley Oil & Gas in 1952.

Damon Wagley commented, "Texas Gulf is a swiftly growing independent exploration, production and services company, and with the backing and resources provided by Global NuTech, we can expand our services and capabilities in upstream oil and gas rapidly in 2012.  It is an honor to be President of the company at this exciting time."

David Mathews, CEO of Global NuTech, added, "As we pursue our business plan of vertical integration throughout the energy markets, Texas Gulf provides us with the platform of talent, experience, and oil field relationships to help us accomplish our goals more quickly in 2012.  We are looking forward to helping Damon and his team become a successful exploration, production and services company in both Texas and other markets as the opportunities present themselves.  The Wagley family history in Texas as well as the North Sea and other international markets brings a unique background to help us expand internationally as well as domestically."

About Global NuTech, Inc.
Global NuTech, Inc. (OTCBB: BOCL) With the recently announced acquisition of International Plant Services, the Company is expanding its previously announced plans in the energy sector, driven by International Plant Services' existing business in management and construction services to the world's largest and best known energy companies in the refinery, chemical, mining and power industries.

About International Plant Services
International Plant Services, LLC (IPS) Since our founding in 2003 we have executed projects for major international energy companies including Exxon Mobil, Conoco Phillips, Chevron, Valero, and many others. We are particularly well known throughout the energy markets for our ability to provide professional, experienced and well trained teams to maximize the ability of our customers to complete major projects safely, on time and on budget.  Now entering our tenth year in business, we have vertically integrated our service offering into other energy market segments, including wellhead services, oil and gas production, and professional consulting services both domestically and internationally to better serve the needs of our customers.

Global NuTech, Inc. headquarters is located in the energy capital of the world, Houston, Texas. Our key strategic partner is Industrial Maintenance International (IMI), located in Tunis, Tunisia. IMI is our Joint Venture partner, and represents Global NuTech through their offices in twenty three countries globally. Their relationships, impeccable reputation and experience provide us access to international growth opportunities for our services that other companies can only aspire to. Our mission is to provide our customers throughout the world with the very highest standards of service and quality in every market we serve, and we are dedicated to meeting our customers' long term needs and exceeding their expectations in every case.

Precautionary and Forward-Looking Statements

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may," "future," "plan" or "planned," "will" or "should," 'expected," "anticipates," "draft," "eventually" or "projected." You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in BOCL's disclosures or filings with the SEC. You are further cautioned that penny stocks, like BOCL, are inherently volatile and risky and that no investor should buy this stock unless they can afford the loss of their entire investment.

SOURCE Global NuTech, Inc.