NuTech Energy Resources Inc., a natural gas and oil exploration and development company, has announced that the company has entered into an agreement to acquire wells from Emerald Operating Company and Rocky Mountain Exploration Inc. The total operation of the fields is comprised of 74 producing wells, and their underlying lease agreements. Additionally, NuTech will acquire Emerald's minority non-operator interest in 42 of Mountain Hawk Exploration's wells. The company has set its sights on over 2000 wells that have been selected for acquisition over the next 6 months.
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 optimise 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 have not been released to the public.
"As we embark on this next exciting phase, we perceive that the growth potential in the foreseeable future is practically boundless. The technology we bring to the table creates an incredibly valuable resource for any natural gas operator seeking to maximise the efficiency and yield of their operation," stated Kevin Trizna, CEO, NuTech Energy Resources Inc. He concluded: "We are extremely optimistic about what this means for the future of our IGOR technology and the trajectory we have established for the acquisition of future locations. Moreover, we believe that due to the equipment's capability to so cost effectively produce results, that within the next two years, the industry can potentially experience a complete paradigm shift, resulting in monumental growth for our company and its shareholders."
Edited from press release by Angharad Lock
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/20112015/nutech-energy-to-acquire-emerald-operating-and-rocky-mountain-exploration-wells-488/