BEDFORD, Texas, January 24, 2014 /PRNewswire/ --
PetroTech Oil and Gas Inc. (OTC: PTOG) (the "Company" or Petrotech") today announces the current Brown has recently been revaluated by a geologist that specializes in the Nowata, Oklahoma area and the company has initiated an expansion of the original development plan for the lease. The current evaluation disclosed a well-known oil-producing zone under the lease. The proposed 18 well drilling program will also include five of the existing wells to be converted to injection wells. The company will inject water as well as gas and CO2 back into the zone to enhance production. It is estimated that there are 40,000 barrels of recoverable oil under the lease. The first well scheduled to be drilled next week will allow the company to test various injection methodologies.
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 fallback 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).
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts