GILLETTE, Wyo., Nov. 19, 2015 /PRNewswire/ -- NuTech Energy Resources, Inc. (OTC: NERG), a natural gas and oil exploration and development company, is pleased to announce that the Company has entered into an agreement to acquire wells from Emerald Operating Company and Rocky Mountain Exploration, Inc. The total operation of the fields is comprised of 74 producing wells, and their underlying lease agreements. Additionally, NuTech will acquire Emerald's minority non-operator interest in 42 of Mountain Hawk Exploration's wells. The Company has set its sights on over 2000 wells that have been selected for acquisition over the next 6 months.
Emerald Operating currently has 27 of NuTech Energy's state-of-the-art IGOR tools installed on location. Gas from this location is being produced and sold, using the Company's patented, proprietary Natural Gas Production Technology, but no production results are available as of yet. Emerald Operating personnel have, over the past several months, extensively tested, and continue actively running diagnostics in an effort to optimize the production and transportation process. Management is confident that the best strategy has been developed in regards to the installation of the Company's proprietary equipment, as well as the production of coalbed methane. The terms of the agreement have not been released to the public.
"As we embark on this next exciting phase, we perceive that the growth potential in the foreseeable future is practically boundless. The technology we bring to the table creates an incredibly valuable resource for any natural gas operator seeking to maximize the efficiency and yield of their operation," stated Kevin Trizna, Chief Executive Officer, NuTech Energy Resources, Inc. He concluded: "We are extremely optimistic about what this means for the future of our IGOR technology and the trajectory we have established for the acquisition of future locations. Moreover, we believe that due to the equipment's capability to so cost effectively produce results, that within the next two years, the industry can potentially experience a complete paradigm shift, resulting in monumental growth for our Company and its shareholders."
About NuTech Energy Resources, Inc.: NuTech Energy Resources, Inc. (OTC Markets Symbol: NERG) is a natural gas and oil exploration and development company that has developed a patented technology for the production of coalbed methane (CBM) without the need to pump water. NuTech currently operates wells in the Powder River Basin area of northern Wyoming and has commitments to acquire thousands of additional wells. NuTech Energy Resources, Inc.'s development of proprietary equipment uniquely positions the Company to be able to acquire and profitably operate wells that were previously cost prohibitive. For more information visit: http://www.nutechenr.com/
Safe Harbor: This press release contains predictions, estimates or other information that might be considered forward-looking. While these forward-looking statements represent our current judgment on what the future holds, they are subject to risks and uncertainties that could cause actual results to differ materially. You are cautioned not to place undue reliance on these forward-looking statements, which reflect our opinions only as of the date of this presentation. Please keep in mind that we are not obligating ourselves to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. You should also review our most recent Form 10-K and Form 10-Q as well as current unaudited financials for a more complete discussion of these factors and other risks, particularly under the heading "Risk Factors."
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SOURCE NuTech Energy Resources, Inc.