GILLETTE, Wyo., Jan. 28, 2016 /PRNewswire/ -- NuTech Energy Resources, Inc. (OTC: NERG), a natural gas and oil exploration and development company, is pleased to announce that the Company has initiated plans to organize a meeting between its Board of Directors and Majority Shareholders for the authorization of an open market stock repurchase program, in its continuing effort to attain a NASDAQ listing.
NuTech Energy Resources has recently retained a Security and Exchange Commission approved Auditing firm to complete the necessary action required to fulfill its goal of achieving a Nasdaq Listing. The evaluation process has been initiated, and upon preliminary review of the Company's financial report, the firm will be disclosed. NuTech Energy has also retained the auditing services of a distinguished Full-Service CPA firm, in order to fulfill the 2-year audit requirement, and to collaborate with legal counsel, to assist in the Company's strategy to uplist to the world's first and largest "electronic" stock market, the prestigious Nasdaq Exchange.
"We believe that buying back our shares is the best course of action as we move forward. Upon approval, this new share buyback program would demonstrate our continued confidence and our commitment to build true value for our investors," stated Kevin Trizna, Chief Executive Officer, NuTech Energy Resources, Inc.
The Company also recently announced that the Company is already set up and producing natural gas at the Emerald Operating property, and plan to be producing from the additional 2000 wells through NuTech's state-of the-art proprietary equipment as early as 1st quarter of this year.
NuTech Energy Resources had previously announced an agreement to acquire Emerald Operating and Rocky Mountain Exploration Wells, an operation representing 74 existing wells, and their underlying lease agreements. Additionally, Nutech will acquire Emerald's minority non-operator interest in 42 of Mountain Hawk Exploration's wells.
Emerald Operating currently has 27 of NuTech Energy's state-of-the-art IGOR tools installed on location. Gas from this location is being produced and sold, using the Company's patented, proprietary Natural Gas Production Technology, but no production results are available as of yet. Emerald Operating personnel have, over the past several months, extensively tested, and continue actively running diagnostics in an effort to optimize the production and transportation process. Management is confident that the best strategy has been developed in regards to the installation of the Company's proprietary equipment, as well as the production of coalbed methane.
The Company continues to focus on adding to the current inventory of its coalbed methane wells in the Powder River Basin of Wyoming, and plans to convert those wells into profitable producing assets. The Company has a patented, proprietary technology to produce natural gas without pumping water out of the ground from inside a well. This device reduces overhead from conventional methods of natural gas production by as much as eighty percent (80%).
About NuTech Energy Resources, Inc.: Nutech Energy Resources, Inc. (OTC Markets Symbol: NERG) is a natural gas and oil exploration and development company that has developed a patented technology for the production of coalbed methane (CBM) without the need to pump water. Nutech currently operates wells in the Powder River Basin area of northern Wyoming and has commitments to acquire thousands of additional wells. Nutech Energy Resources, Inc.'s development of proprietary equipment uniquely positions the Company to be able to acquire and profitably operate wells that were previously cost prohibitive. For more information visit: http://www.nutechenr.com/
Safe Harbor: This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such statements. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly revise any forward-looking statements.
Contact: Investor and Media
Steffan Dalsgaard, CEO Everest Corporate Advisors, Inc.
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SOURCE NuTech Energy Resources, Inc.