Petrotech Oil and Gas Inc. Enters Into Joint Venture With Rolling Hills Oil
and Gas North Dakota to Receive Up to 3.6 Million in Equipment Financing
BEDFORD, Texas, November 18, 2013
BEDFORD, Texas, November 18, 2013 /PRNewswire/ --
PetroTech Oil and Gas Inc. (OTC: PTOG) (the "Company" or Petrotech"), today
announced that they have entered into a joint venture with Rolling Hills Oil
and Gas LLC of North Dakota (RR) to obtain financing for two 20,000 foot
Completion and work over rigs. The joint venture calls for Rolling Hills to
arrange funding from one of their equipment lines, and PTOG would, once
purchased and manufactured per specs, will contract the two rigs with one of
the major producers in North Dakota such as Halcon Resources, and Continental
"This is an opportunity for our company to participate in a venture to secure
a huge revenue source over the next Three to Five years that will exceed
anything we have done to date, with no expense on our part or any additional
debt to our company." Said Eddie Schilb president of Petro Tech Oil and Gas,
"These two rigs once put into production will bring in $40,000.00 per day at
24 days per month "
About Continental Resources:
Continental Resources, Inc. (NYSE: CLR), based in Oklahoma City, is focused on
the exploration and production of onshore oil-prone plays and is a Top 10
independent oil producer in the United States. The Company has a long and
successful history of developing its industry-leading leasehold and production
in the nation's premier oil play, the Bakken of North Dakota and Montana, as
well as significant positions in Oklahoma in its recently discovered SCOOP
play and the Northwest Cana play. In 2013, the Company will celebrate 46
years of operation.
About Halcon Resources:
Halcón Resources Corporation (Halcón) (NYSE:HK) is an independent energy
company focused on the acquisition, production, exploration and development of
onshore liquids-rich assets in the United States. While Halcón is a new
venture, we operate on a proven strategy used in prior, successful ventures.
We have an experienced staff and use the most advanced technology, enabling us
to make informed and effective business decisions. Spanish for hawk, Halcón
embraces the vision and agility to become a resource powerhouse in the oil and
About Rolling Hills Oil and Gas LLC;
Rolling Hills Oil and Gas are licensed operators in the Bakken in North
Dakota. They are operating several wells in the area and have many years'
experience in operations and overseeing of production. They offer
transportation and logistics as well as maintenance, administration, and
accountability in the Oil and Gas Industry.
PetroTech Oil and Gas, Inc. uses multiple patent technologies for Enhanced Oil
Recovery and in some cases will use their new pumping system co developed by
PetroTech. We will use this patented technology with other proven technologies
currently used in the industry to drill, complete equip new drill wells and
older wells with secondary production opportunities. Throughoutthe United
Statesthere are primary depleted oil reservoirs representing billions of
barrels of oil that lend themselves to the use and exploitation of Enhanced
Oil Recovery and PetroTech Oil and Gas, Inc.'s proven patented technology.
Without EOR technology, these reservoirs will produce only about 20% of their
Original Oil in Place. Gas injection EOR is a proven method that has been in
use over the last 50 years in the oil fields ofWest Texas,
Kansas,Oklahoma,Michigan,WyomingandOklahoma. Starting in the late 1990's
we started researching various EOR methods and sources of gases and mixtures
of gases to find an alternative gas to pure CO2 for EOR. In doing so, we found
that a N2-CO2 mixture was 2-3 times more efficient than CO2 in the recovery of
stranded oil. Recently we have been introduced to a patented exhaust unit that
was more efficient than regular CO2. A new prototype of that equipment was
then built for injection purposes; and is in the process of being further
developed for commercial use.
We have analyzed the different types of oil producing reservoirs in most of
the major geological basins inthe United Statesand have determined that the
use of our process and method will enhanced the recovery of stranded oil
reserves in these areas that otherwise may never be produced. The pinnacle
reefs, other reefs inTexasmake excellent reservoirs for EOR because they are
compact, have consistent reservoir properties, thick pay columns, and are
overlain by an impermeable cap seal. However other formations have responded
favorably as well. These reservoirs represent over 300 million barrels of
recoverable stranded oil using our patented method and technology. CO2 floods
have been successful on the reefs in the US with rates as high as 1000 BOPD.
Our process will have a major impact on the recovery of stranded oil in U.S.
basins. This statement is based on the fact that we have an unlimited source
of gas and we do not need an expensive infrastructure to transport the gas,
plus the fact that it is proven that a mixture of CO2 and N2 is more efficient
than CO2 in some trials.
The cost and recovery of a project will be dependent on size of structure and
depth; the cost will range depending on type of formation and type of
treatment design. Hopefully, per project we will capture an additional 20% to
40% of oil in place. Attempting to do this in a period of 5 years as opposed
to the original 20% of oil that has already been produced; which may have
taken ten to twenty years. Each successful project is estimated to have a six
to twelve month payout.
For more information please go to our websites, which can be found
Certain information discussed in this press release may constitute
forward-looking statements within the Private Securities Litigation Reform Act
of 1995 and the federal securities laws. Although the Company believes that
the expectations reflected in such forward-looking statements are based upon
reasonable assumptions at the time made, it can give no assurance that its
expectations will be achieved. Readers are cautioned not to place undue
reliance on these forward-looking statements. Forward-looking statements are
inherently subject to unpredictable and unanticipated risks, trends and
uncertainties such as the Company's inability to accurately forecast its
operating results; the Company's potential inability to achieve profitability
or generate positive cash flow; the availability of financing; and other risks
associated with the Company's business. The Company assumes no obligation to
update or supplement forward-looking statements that become untrue because of
Phone: + 888-568-7111
E Relations Group
SOURCE PetroTech Oil and Gas Inc.
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