Global NuTech Enters JV with Wagley
Global NuTech has signed a non-binding letter of intent to form a joint venture with Wagley Oil & Gas, Inc. involving 25 oil and gas wells in Texas. The wells include formerly producing shut-in wells and currently producing wells.
NuTec Energy intends this proposed transaction to be a continuation of an aggressive program to invest in existing and marginal production oil wells and to use proprietary fluid technology to rejuvenate the production of these wells.
E. G. Marchi, President of Global NuTech, Inc., stated, "This proposed joint venture continues our new program to acquire existing and marginal production oil wells and to use proprietary technology to improve the production of these wells. We look forward to finalizing this joint venture and moving forward with our involvement in energy producing assets in the USA and Canada."