GILLETTE, Wyo. , Dec. 1, 2015 /PRNewswire/ -- NuTech Energy Resources, Inc. (OTC: NERG), a natural gas and oil exploration and development company, is pleased to announce that the Company has concluded preliminary testing on the IGOR ( In-ground Gas and Oil Recovery) tool. With strong results that have exceeded expectations, the Company plans to report findings shortly after market close on Thursday, December the 3rd, 2015.
Company plans to also disclose details pertaining to the potential value of the recent acquisition simultaneously.
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.
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%).
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