NuTech Energy Resources, Inc. Executes Plan to Take Ownership of Additional 7000 Wells
Company Sets Goal to Acquire 10,000 Wells in 2016, Ultimately Pursuing Coalbed Methane Wells into the Kansas and New Mexico Territories
GILLETTE, Wyo., Dec. 7, 2015 /PRNewswire/ -- NuTech Energy Resources, Inc. (OTC: NERG), a natural gas and oil exploration and development company, is pleased to announce that the Company is very aggressively moving forward on a dynamic plan to take ownership of an additional 7000 wells situated on State and Federal land in the state of Wyoming.
Due to the fundamental element that NuTech has developed and patented state-of the-art proprietary equipment that can produce and sell natural gas at a striking fraction of its competitor, the Company is empowered with the capability to produce competitively, even in markets where there is an oversupply of resources.
"This is where the real value of our Company is made evident," stated Kevin Trizna, Chief Executive Officer, NuTech Energy Resources, Inc. He concluded: "there are thousands of wells that are operating at a loss, and thousands of others that cannot operate in this financial environment at all. Because we have the exclusive potential to operate profitably at the current price of natural gas, a world of opportunity is laid before us. What is currently an unprofitable landscape in the Coalbed Methane industry, is an exciting and advantageous threshold for our Company and its shareholders."
Management has convened with its business advisory services firm, to strategize on meeting the NASDAQ requirements necessary for its listing on the exchange, and feels very confident that the Company is on firmly on track for the end of spring, 2016.
The Company recently announced that it has received board approval, and proceeds to finalize the acquisition of Emerald Operating and Rocky Mountain Exploration Wells, an operation comprised of 74 existing wells, and their underlying lease agreements. Moreover, the Company has taken ownership of an additional 2000 wells in that territory, and is in the final stages of obtaining regulatory approval.
The Company continues to focus on adding to the current inventory of its coalbed methane wells in the Powder River Basin of Wyoming, and plans to convert those wells into profitable producing assets. The Company has a patented, proprietary technology to produce natural gas without pumping water out of the ground from inside a well. This device reduces overhead from conventional methods of natural gas production by as much as eighty percent (80%).
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 forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such statements. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly revise any forward-looking statements.
Contact: Investor and Media
Steffan Dalsgaard, CEO Everest Corporate Advisors, Inc.
702-902-2361
702-982-1139
SOURCE NuTech Energy Resources, Inc.
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