PetroTech Forms JV In North Dakota For Equipment Funding

Formed a JV to receive financing for two completion and workover rigs.

PetroTech Oil and Gas Inc. (OTC: PTOG) entered into a joint venture with Rolling Hills Oil and Gas LLC of North Dakota to obtain financing for two 20,000 foot completion and workover rigs, the company announced Nov. 18.

The joint venture calls for Rolling Hills to arrange funding from one of their equipment lines, and PTOG would, once purchased and manufactured per specs, will contract the two rigs with one of the major producers in North Dakota such as Halcon Resources and Continental Resources. PetroTech will receive up to $3.6 million in equipment financing.

"This is an opportunity for our company to participate in a venture to secure a huge revenue source over the next three to five years that will exceed anything we have done to date, with no expense on our part or any additional debt to our company," Eddie Schilb PetroTech president, said in the release. "These two rigs once put into production will bring in $40,000.00 per day at 24 days per month."

Petrotech Oil and Gas, Inc. initiates, operates, and develops enhanced oil recovery opportunities within qualifying oil reservoirs in the U.S. The company is based in Bedfore, Texas.