PetroTech Oil and Gas Inc. (OTC: PTOG) drilled the first of three new wells, on its Nowata, Okla. lease, the company said Jan. 16. Contractors drilled the well, and the project is part of a joint agreement, the company said. The well had 750 feet total depth in the Bartlesville area, the company said. The well could yield 30 to 40 barrels per day, the company added.
"The company is pleased with the progress that we are making in this joint agreement, and plans for two more wells to be drilled right after the first one are on schedule, and will consist of drilling to the Woodford 1500," Eddie Schilb, Petrotech’s president, said.
The Woodford 1500 could yield as much as 50 barrels of oil per day, according to surrounding properties, the company added.
Production rates in the Nowata range from two to 50 barrels of oil per day, per well with typical results averaging between five and 10 barrels, the company added.
Petrotech Oil and Gas is based in Bedford, Texas. It specializes in enhanced oil recovery (EOR).