NuTech Energy Resources, Inc. to Release Value of Recent Events
GILLETTE, WY--(Marketwired - Nov 20, 2015) - NuTech Energy Resources, Inc. (OTC PINK: NERG), a natural gas and oil exploration and development company, is pleased to announce that the Company expects to disclose details pertaining to the potential value of this agreement by the end of November, upon review and approval by the Company's Board of Directors.
The Company recently 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 terms of the agreement include a purchase price of $500,000 in addition to an undisclosed amount of common stock, but not to be in excess of 10% of the issued and outstanding shares.
"We have determined that we have a colossal opportunity to create a very substantial presence in the industry. As we continue to move forward, we will be keeping our shareholders fully informed of pertinent details as they become available for public disclosure," stated Kevin Trizna, Chief Executive Officer, NuTech Energy Resources, Inc.
As recently announced, 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 PINK: 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.
Source: Marketwired (Canada)
(November 20, 2015 - 9:33 AM EST)
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