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May 16, 2013 /PRNewswire/ -- PetroTech Oil and Gas Inc. (OTC PINK: PTOG) is pleased to announce they have begun retreatment, and work over on the first five wells of their optioned leases, which contain 110 total wells.
"Over past months PetroTech has reconditioned the roads and cleared electrical easements. Approximately 65% of the new flow lines have been laid, new electrical highline wires have been run on part of the leases, and others repaired. Electrical drops and new electrical boxes also have been installed," said
Eddie Schilb, President. "PetroTech plans to utilize their proprietary technology, techniques and equipment to treat the wells using proven Co2 and Nitrogen Technology," he added.
"Before the completion of this first five wells, the company plans to bundle another 5 out of the other 110 wells and begin treatment planning for those additional units," said Ayo Odetunmibi, engineer for PetroTech. He also stated that approximately 70% of the wells could be productive wells; producing up to 5 Barrels of oil per day per well averages with the proper treatments, work over and recomplete procedures; this could yield 350 or more barrels per day.
Bart Sweazea (the past engineer on this project) commented, "This is an exciting project with outstanding potential. Projects like these can be game changers. Depending on individual wells."
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of PetroTech Oil and Gas Inc. with members of its management team as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.