PTOG Enters into Negotiations for Latest Biodegradable Material for Oil Treatment Industry
BEDFORD, Texas, January 2, 2014
BEDFORD, Texas, January 2, 2014 /PRNewswire/ --
PetroTech Oil and Gas Inc. (OTC: PTOG) (the "Company" or Petrotech") today announced That PTOG is in negotiations with a major Service Company in the Oil Field Service Industry to establish an exclusive area in this multi-billion dollar industry, to utilize and market new completion technologies that will work with our current technologies. These technologies replace toxic and harsh chemicals; they are green and environmentally, friendly. They also will eliminate some of the dangers in the industry. Recently workers were killed applying chemicals to a well; the products we will be providing are more effective and food grade approved by the FDA.
Eddie Schilb says, "We believe we will have an agreement in place by the middle to end of January, with the holidays and recent ice storms along with harsh weather in our areas past; we believe we can start back to work on Navarro County."
PTOG has recently executed an LOI to acquire some producing wells approximately 15 miles from our current wells in Navarro County. The lease has two profitable producing wells; that we researched and viewed the last three years production history. This could put a net of $12,000.00 a month into the company. The lease also has multiple drilling locations in multiple formations. The transaction would be approximately 40% stock and require the balance in cash.
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.
Certain information discussed in this press release may constitute forward-looking statements within the Private Securities Litigation Reform Act of 1995 and the federal securities laws. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions at the time made, it can give no assurance that its expectations will be achieved. Readers are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements are inherently subject to unpredictable and unanticipated risks, trends and uncertainties such as the Company's inability to accurately forecast its operating results; the Company's potential inability to achieve profitability or generate positive cash flow; the availability of financing; and other risks associated with the Company's business. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.