BEDFORD, Texas, January 16, 2014 /PRNewswire/ --
PetroTech Oil and Gas Inc. (OTC: PTOG) (the "Company" or Petrotech") today announced that they have hired and paid the contractors to begin drilling the first new well on their Nowata lease in Oklahoma. They expect to have the equipment on the property by Friday or Monday at the latest, and will be drilling to 750' to the Bartlesville, with the average surrounding initial production rate of 20 to 39.5 barrels of oil per day. Petrotech Oil and Gas estimates to drill and complete the well within three weeks. These wells could initial flow 30 to 40 barrels a day.
Petrotech's president Eddie Schilb said that "The company is pleased with the progress that we are making in this joint agreement, and plans for two more wells to be drilled right after the first one are on schedule, and will consist of drilling to the Woodford 1500" which, according to surrounding properties could yield as much as 50 bopd.
About The Nowata Lease:The key to success in this area of Oklahoma is optimizing production from the many hydrocarbon-bearing zones, which includes the coal seams. With most wells encountering about a dozen zones that have known production in this area, the drilling risk is extremely low. Having this serendipity also extends the production life of wells from 10-12 years to 15-20 years. Production rates in this area range from 2 to 50 barrels of oil per day (BOPD) per well with typical results averaging between 5 and 10 BOPD. Initial flow rates can be higher for a short duration before settling into this range with the quality of crude being excellent (33° to 42° API oil). Natural gas is the fall-back position in this area due to shallow Excello shale that blankets the area as do several methane gas bearing coal seams. As such, natural gas is almost always produced in a well in this area with production rates ranging from 5,000 to 200,000 cubic feet of gas per day (5 to 200 MCFD).