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EAST HANOVER, N.J.,
April 3, 2013 /PRNewswire/ -- PetroTech Oil and Gas, Inc., (OTC Pink: PTOG), an oil and gas property acquisition and services company announced that it has legally changed its name From Unity Management Group Inc. to PetroTech OIL & GAS, INC. and its stock ticker symbol has been changed to "PTOG". The company previously acquired Unity Management Group, Inc., (OTC Pink: "UYMG") through a reverse merger transaction on
February 11, 2013. The new name more accurately reflects the company's business focus and investments in the energy industry.
A new CUSIP number of 71677C 106 has been assigned to the Company's common stock. Outstanding stock certificates and warrants for shares of the Company's common stock are not affected by the name change; they will continue to be valid and need not be exchanged.
Edward Schilb, President of PetroTech commented, "By acquiring Unity it gives us the ability to access growth capital in the public markets while obtaining higher asset values for our properties. We are seeing a significant number of exciting opportunities to grow our company. Our expertise and technology gives us the ability to re-work over 100 shallow shut-in wells on our properties and significantly their increase oil production. Historically, these wells have been productive assets and we are confident that we can improve their current production value and profitability. We look forward to building our business and becoming a significant player 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. Throughout
the United States there 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 of
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.