BEDFORD, Texas, October 24, 2013 /PRNewswire/ --
PetroTech Oil and Gas, Inc. (OTC: PTOG) announces they have ordered New Oil Production Tanks, and roads are being set at their new acquisition in Nowata, Oklahoma. Salt-water tanks have already been delivered and the reworking of the first five wells of their new acquisition of the 80-acre lease in Nowata, Oklahoma is under way. The lease known, as the Brown lease, has 12 existing oil and gas wells and one disposal well that PetroTech and Cavu Resources, has begun reworking. The project is an expected $400,000 investment with over $175,000 committed to date, with an expected first five wells online within 30 days, and the balance of the 7 wells online by mid December, and a plan to have all wells producing anywhere from 270 Barrels per month to 600 Barrels per month, with revenue of $27,000.00 to $60,000.00 per month. Added with 4 gas wells, which will bring in an additional $4000.00 a month.
"We are pushing hard to get this project completed as soon as possible, with another 480 acres targeted on the area. We expect immediate results on the reworked wells. We also plan to test an opportunity in the Mississippi and Woodford zones. These wells could initial flow 50 to 60 barrels a day with at least 6 drilling locations spotted on our lease. We estimate the minimum oil produced from existing wells to be 20 barrels a day with another 300mcf of gas a day. We continue to look for undervalued opportunities to increase PETROTECH OIL AND GAS, INC.'s assets and income base. We have ordered the Storage Tanks and Saltwater tanks as well for our Navarro # 11 well." stated Eddie Schilb, President. "We expect that with the production from both facilities, will bring our production to well over 700 to 1000 barrels per month" he added.
About the Nowata Oklahoma Lease: