Home > News > Acquisitions
Tiger Oil and Energy Acquires Jett Rink Oil
LAS VEGAS, NV--(Marketwire - 10/05/10) - Tiger Oil and Energy, Inc. (OTC.BB:TGRO - News) -- The Board of Directors announces that TIGER OIL AND ENERGY, (formerly UTEC, Inc.), (the ''Company''), closed an exchange agreement with Jett Rink Oil, LLC, wherein the Company acquired 100% of Jett Rink Oil, LLC. which will operate as a wholly-owned subsidiary of the Tiger Oil and Energy. Please refer to the Company's recently filed 8K for a detailed outline of the transaction.
With this purchase, the Company has acquired interests in two oil and gas leases located in Creek County, State of Oklahoma, together with all equipment located thereon. Additionally, Tiger Oil has negotiated oil rights and obligations under an acquisition agreement dated July 23, 2010, between Tiger Oil and Targe Energy Exploration Production, LLC (''Targe Energy'') with respect to the purchase of Targe Energy.
The Company owns a 7.5% working interest with 80% net revenue interest, in the gas and oil lease containing 40 acres more or less, located in Creek County, State of Oklahoma. The Company also owns a 11.5% working interest with 80% net revenue interest, in the gas and oil lease located in Creek County, State of Oklahoma (the ''Shilo #2''). The two wells were drilled in 2006. The Shilo #1 originally produced 550 MCFG/D w/no water from a 10 foot Dutcher section (2940' - 2950'). From June, 2007 through November, 2009, (the available production history of the well) this well produced a cumulative 61,087 MCFG at an average monthly rate of 2068 MCFG/month and 374 BO. The Shilo #2 originally produced from the Bartlesville sand at 2410' - 2414'. Initial production was 55MCFG + 2 BO + ¨ù BW per day.
Harbor Disclosure |
About Tiger Oil and Energy
Back to the News page
Click to enlarge photos