TELCO's Energy's Management stated, "Given the award of these exploratory permits, Geotec/TELCO intends to exercise its right to purchase the 51% of Volgageoresource."
Geotec's CEO, W. Richard Lueck commented, "In addition to this very positive advancement of our joint plans, Geotec and TELCO have completed its operating agreement synergistically merging the management teams."
About Geotec: Geotec Thermal Generators, Inc. has exclusive rights, to the Russian Federation technology for oil and gas recovery developed by the Military Research and Production Facility, FR & PC ALTAI for the Ministry of Geology, for use in North, South and Central America. This unique scientific technology concluded development in 1986, comprising 6500 wells with 14 years of research and development. Over 30,000 wells have been treated with a 70% success rate for oil wells, and a 90+% success rate for gas wells. The technology produces incremental oil yields averaging over 6000 barrels of oil per well, per year. Wells, in certain rock formations, have exceeded 45,000 barrels of oil per well, per year. Other than the Company, only 13 governments have been permitted this technology, including China and India.
About Telco: TELCO Energy Corporation has U.S. and developing operations in Russia and China.
Pending closing of the acquisition, Geotec has entered into an operating agreement with Telco Energy for joint management of Geotec's combined operations.
Geotec Thermal Generators is an operating oil and gas well treatment company.
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