Oil and Gas Technology Fund Enters Into Agreement to Rework Mahala Oilfield at Corona, CA Using MEOR, It's New Microbial Stimulation Technology

League City, TX, November 18, 2012 --(PR.com)-- Towards Energy Independence and New Jobs! Oil and Gas Technology Fund, Inc. (OGTF) of League City, Texas is pleased to announce it has reached an agreement with Optima Conservation Resources, the operator of the Mahala Oilfield near Corona, California to re-develop this well known oilfield by using MEOR the latest <Microbial Enhanced crude Oil Recovery> technology. A proprietary blend of genetically engineered microbes will be injected into existing oil wells for the purpose of literally eating away the paraffin that is currently blocking the production of this oilfield, which actually contains over 70% of the original oil discovered in 1920 still in place! OGTF is also planning the implementation of horizontal drilling technology in this field, which was not available during it's years of primary production.

Formation of paraffin is one of the single most significant reasons that producing oilfields must be abandoned even though 70% or more of the original oil in place remains behind, unproduced, blocked by paraffin formed by changes in the reservoir chemistry as the oil is produced. Successful implementation of this technology would have the effect of restoring access to millions of barrels of oil trapped in oilfields in the United States and worldwide dating back to the begining of the oil industry. This would create significant new oil supplies at very low costs.

Oil and Gas Technology Fund expects to announce the formation and roll out of it's new Petroleum Industry Services company before the end of 2012 which will manage and operate these targeted oil field acquisitions. OGTF will likely draw from the California workforce creating various skilled and unskilled jobs.

The blend coded WMI2000 has received clearance from the Bureau of Human and Health Services and also meets EPA requirements. In early testing and in certain environments, the results have been highly promising, and in one case, even spectacular, increasing production flow by as much as 6000 per cent with very low injection and maintenance costs.

Because these high tech "bugs" only require a low tech, low cost delivery system, marginal and abandoned oil fields may be acquired and for very low costs, returned to their previous production rates, or in some cases, even higher rates of production than during initial primary production. www.ogtf.com/mahala.html

Oil and Gas Technology Fund is also providing various MEOR white papers which may be requested by emailing info@ogtf.com with Subject: MEOR White Papers.

Publishers Note:
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