Company Engages Former Earthstone Energy CFO, Bringing to the Table a Foundation of Vast Industry Experience
GILLETTE, Wyo., Dec. 3, 2015 /PRNewswire/ -- NuTech Energy Resources, Inc. (OTC: NERG), a natural gas and oil exploration and development company, is pleased to announce that the Company has retained the professional services of Paul D. Maniscalco, of SJM Financial and Accounting, an accounting and business advisory services firm, located in Englewood, Colorado to Collaborate Efforts for the Establishment of its NASDAQ Listing.
The Company will be working closely with Paul D. Maniscalco, distinguished and experienced Accountant, to complete the 2 year audit requirement, and cooperate very closely with the Company's Legal counsel, in its purpose to build and maintain NASDAQ's listing qualifications. "We are very pleased with the firms that we have brought on board to assist us in this undertaking. It's of upmost importance that we have the full support of highly professional representatives, who upon careful consideration, have established confidence that we are fully capable of reaching and maintaining NASDAQ's rigorous listing requirements," stated Kevin Trizna, Chief Executive Officer, NuTech Energy Resources, Inc.
Paul D. Maniscalco is currently a Principal with SJM Financial and Accounting, an accounting and business advisory services firm, located in Englewood, Colorado. Mr. Maniscalco has a strong career history in serving publicly traded and energy related companies. He was appointed as Interim Chief Financial Officer of Earthstone Energy, a growth-oriented independent oil and gas exploration and production company, primarily engaged in the exploration, development and production of oil and natural gas properties, in December of 2012. His robust career history spans employment from a regional CPA firm to having worked for the "Big 4" accounting firms, as well as other energy related and publicly traded companies.
NuTech Energy recently announced that the Company has engaged the legal services of Cutler Law Group, of Houston Texas, to assist the Company in its strategy to uplist to the world's first and largest "electronic" stock market, the prestigious NASDAQ Exchange. The Company also recently announced an agreement to acquire Emerald Operating and Rocky Mountain Exploration Wells, an operation representing 74 existing wells, and their underlying lease agreements. Additionally, Nutech will acquire Emerald's minority non-operator interest in 42 of Mountain Hawk Exploration's wells.
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 optimize 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 include a purchase price of $500,000 in addition to an undisclosed amount of common stock, but not to be in excess of 10% of the issued and outstanding shares.
As recently announced, the Company continues to focus on adding to the current inventory of its coalbed methane wells in the Powder River Basin of Wyoming, and plans to convert those wells into profitable producing assets. The Company has a patented, proprietary technology to produce natural gas without pumping water out of the ground from inside a well. This device reduces overhead from conventional methods of natural gas production by as much as eighty percent (80%).
About NuTech Energy Resources, Inc.: Nutech Energy Resources, Inc. (OTC Markets Symbol: NERG) is a natural gas and oil exploration and development company that has developed a patented technology for the production of coalbed methane (CBM) without the need to pump water. Nutech currently operates wells in the Powder River Basin area of northern Wyoming and has commitments to acquire thousands of additional wells. Nutech Energy Resources, Inc.'s development of proprietary equipment uniquely positions the Company to be able to acquire and profitably operate wells that were previously cost prohibitive. For more information visit: http://www.nutechenr.com/
Safe Harbor: This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such statements. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly revise any forward-looking statements.
Contact: Investor and Media
Steffan Dalsgaard, CEO Everest Corporate Advisors, Inc.
702-902-2361
702-982-1139
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SOURCE NuTech Energy Resources, Inc.
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