NuTech Energy Resources Inc., a natural gas and oil exploration and development company, has stated that it is to take ownership of an additional 7000 wells situated on State and Federal land in the state of Wyoming.
"This is where the real value of our company is made evident," said Kevin Trizna, Chief Executive Officer, NuTech Energy Resources, Inc. "There are thousands of wells that are operating at a loss, and thousands of others that cannot operate in this financial environment at all. Because we have the exclusive potential to operate profitably at the current price of natural gas, a world of opportunity is laid before us. What is currently an unprofitable landscape in the Coalbed Methane industry, is an exciting and advantageous threshold for our Company and its shareholders."
The company’s management has convened with its business advisory services firm to strategise on meeting the NASDAQ requirements necessary for its listing on the exchange, and feels very confident that the Company is on firmly on track for the end of spring, 2016.
The company recently announced that it has received board approval, and proceeds to finalise the acquisition of Emerald Operating and Rocky Mountain Exploration Wells, an operation comprised of 74 existing wells, and their underlying lease agreements. Additionally, the company has taken ownership of 2000 wells in that territory, and is in the final stages of obtaining regulatory approval.
NuTech continues to focus on adding to the current inventory of its coalbed methane wells in the Powder River Basin of Wyoming.
Edited from press release by Angharad Lock
Read the article online at: https://www.hydrocarbonengineering.com/refining/07122015/nutech-energy-resources-to-acquire-7000-wells-1903/