PetroTech Oil and Gas Inc. announced that PTOG and their partner on this program have acquired all of the necessary equipment to rework four wells on the Nowata lease in Oklahoma. The company has spent more than $182,000.00 to date including Pump Jacks and Tank Barrels. They have repaired all the infrastructure, built new pads, and roads, and have hired the contractor to complete the 4 gas wells, along with the drilling of three new oil wells.
"We will focus most of our resources on the three new drills on this lease because of the high potential for success, and profitable oil production. We believe we can obtain IP rates of up to 30 Barrels of Oil per Day per well, approximately $3,000.00 a day on one well," said Eddie Schilb president of PTOG. "We have engaged J H Field services to finish the four gas wells and MIT for the disposal well. We will be drilling 3 new wells on this lease simultaneously to the rework program," he added.