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Post by greatday8 on Apr 11, 2004 19:43:47 GMT -5
Dear Frank,
It takes more than one generator to treat certain wells, and to clean the formation, we have to treat the wells twice. We have generators left in stock. The numbers vary depending on the well to be treated, and which generator that is used.
To treat a well you need a rig to pull the tubing and you need to take off the equipment. Then you need a wire line truck, or e line it is also called, to lower the generators and set them off. Then you need a swabbing or bailing rig depending the amount of debris in the wellbore. Then you need to have the rig back to reinsert the tubing, and put back the equipment. We only pay for and have our crew to advise the wire line crews, with our generators that we put together and structure, to be lowered. Everything else is the responsibility of the operator.
Now in South America, we package everything, with much lower labor costs, with our joint venture partner, who coordinates the rest.
Does that help?
Regards,
Rick
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Post by greatday8 on Apr 11, 2004 19:44:48 GMT -5
Dear Rick,
Do customers you sign contracts with tell you the specific reasons why they chose Geotec' technology over a competitors?
Regards,
Frank ====================================================== Dear Frank,
The answers vary, depending on the client. As for Ed Presley, it is yield and money, since he was able to redesign what he was doing, around the technology. Increased speed of dewatering, and then getting yields.
Others mostly compare the yields, at 300-500 % for operating wells, working 70% of the time for oil wells, and 90% for gas wells, as compared to the time, expense and down time of hydraulic fracturing, which works 25-30% of the time, with yields of 50-100 % increase. All this is general, but you can use our system over and over 15-20 times, and a hydraulic fracturing cannot be used more that a couple of times, since the sand used, clogs the formation.
The reasons translate into economics.
For coalbed methane the time it takes and equipment to fracture a well, does not allow for many wells to be treated. We can treat 10-20 the numbers of wells, in the time it takes to treat 1 by hydraulic fracturing. With all the wells in Wyoming for coalbed methane, can you imagine what will happen? We have to produce generators for this application, so that takes time, but once you start the time and numbers are very fast compared to hydraulic fracturing.
Does that help,
Regards,
Rick
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Post by greatday8 on Apr 11, 2004 19:45:45 GMT -5
Dear Frank,
Of the 38 wells on the New Energy properties, most of those were oil and gas wells, not coalbed methane producing wells. The wells drilled by NEC were for the purpose of documenting and planning the property, and seeing much gas was available, by several methods, but most importantly the well logs.
All of the 38 well will be capped, since NEC will drill wider casing wells, that can be used with our technology to dewater faster, and also produce gas at a higher rate. Spacing on the property is 80 acres, so to leave those wells, it would cut down on the plan.
The generators have to be custom made due to the rock pressure changes throughout the wellbore, and the wider casing. This design will be unique to coalbed methane, and in fact the coal on this property, which is in the Powder River Basin. This can be different than the coal in other parts of the world or US.
So, yes, the engineering has to be coordinated with the casing, depth, type of coal, thickness of the zones, and there are multiple zones.
We worked with NEC petroleum engineers to disclose the capability of the technology and they designed how they will drill, and complete the wellbores.
If you investigate the other coalbed methane wells in the Powder River basin, you will find that they are quite shallow and the thickness of the zones makes the fracturing and completion, more expense than the drilling. The rate and amount of the dewatering process can dynamically change the payout of a coalbed methane well.
This is why you see other well companies only producing a smaller number of CBM wells per year. It is the economics, but our technology changes the economics dramatically for these types of wells.
We have done the engineering on the wells logs and wells that were drilled such that we know the size and amounts needed for each wellbore. We still need to do the engineering with the Russians, since these will be custom made generators, and probably two types, that will be used in the different zones, at different depths.
These wells should be substantially higher producers than the wells that are generally drilled for CBM.
It takes time to do this so that when it starts it will move on quickly, which is much more difficult to do that with hydraulic fracturing.
I hope that helps,
Regards,
Rick
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Post by greatday8 on Apr 11, 2004 19:46:37 GMT -5
Dear Frank,
J-TEX is a group of oil and gas companies that have come together under one roof. Many people would know the individual companies, but the group, as a whole is new as a larger entity.
Our joint venture is with J-TEX and hence all the individual companies that are part of it. The specifics of these companies will be released by J-TEX when they are prepared to do so. We do not have permission to release this information at this time. We only had permission to release the press release, as it was written in the press release.
Schlumberger and Halliburton and other oil technology companies are aware of what is going on, but the make-up of J-TEX is highly confidential.
This is a very significant arrangement.
Regards,
Rick
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Post by greatday8 on Apr 11, 2004 19:47:24 GMT -5
Dear Frank,
First, you have to understand what J-TEX is. That can be understood by looking at Halliburton, Weatherford or Schlumberger. You know the names of these companies, but do you know the names of the companies that make up each of these companies? The answer, I would guess, is that you do not. So, J-TEX companies are is in process of comprising companies that would easily show up on any oilman's radar screen. Some might be regional, some national, and some international. If you go back to the J-TEX press release, we were permitted to state that they had offices in all the oil producing countries worldwide. Obviously, those offices are comprised of the branded names your local oilman would know. It takes a lot to put all this together, so we are only the part that has the secondary, and primary permeability process. Well drilling, exploration, engineering, manufacturing, services, and much more make up, what Geotec is not.
Second, Then you have to integrate this with Geotec, which includes the training of their staff, from engineering to field personnel, line and rig services. You have to also take the contracts that they have in existence, and introduce to the well operators, Geotec's system and make it part of the current contract. Then the new contracts have to be coordinated, with Geotec's services. Which can be on a fee for service or production sharing point of view, depending on the engineering for the field, or individual well.
Third, we have to manage that integration.
Now by the description of the things to do, you can see that this is a large job. We, meaning Geotec, are ready to do all, or any of the above. J-TEX has many issues to deal with, and when they are complete and all of the above complete, then we take it forward as quickly as possible.
Some of these things are ongoing as we communicate, others have yet to be accomplished. When we will have it complete, I actually don't know, because of the complexity.
I can tell you we are very pleased so far. We know many of the companies in J-TEX, simply because these branded companies introduced us to J-TEX.
Further, when you see the resumes of the J-TEX management, I think you will be astounded.
But, and here is the buy no one wants to hear. Goetec has to comply with the timetable for J-TEX to do what it needs to do, which we have agreed to do.
Regards,
Rick
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Post by greatday8 on Apr 11, 2004 19:48:08 GMT -5
Dear Frank,
In response to your four questions:
1. Current broker effort and contracts have to be honored even if J-TEX has a presence in the area. New business in an area where J-TEX is not, has to be allowed. Then there is the business for which J-TEX already has, or will get because of their relationship or companies.
2. You are correct for #2, as noted above. The point is that J-TEX will not stop us from any well. That's the way you have to look at it. Current contracts exclude J-TEX, Brokers with involvement can still service their clients, but most importantly J-TEX is exclusive and will have no similar method that competes with this technology, for near wellbore treatment. These people operated in Russia and know how successful and why the yields are so high. It is very easy to see why we were able to arrive at this arrangement, due to their understanding of the success in the Eastern Hemisphere. Why wouldn't they be happy to exclusively represent us here?
You can look at it another way. Suppose you have the Budwiser franchise for North America. You know how many $Millions, you are making and now Budwiser asks you to sell into South America. They know the technology successes, and that is probably a poor analogy. They will do all the field work, where they have a presence, or we will have to hire services, like any other well operator to service our business that a broker brought to the company. And they really perform the services on behalf of the Joint Venture.
3. No, in many cases J-TEX has not had hydraulic fracturing available, so one of their affiliated companies had nothing to offer. This is probably the majority of the circumstances, but you would have to take this and study it for all of their individual operations. This would replace hydraulic fracturing where it is applicable, which would be the vast majority of circumstances. This would be in the vast majority of situations, in my opinion, a new service offered by J-TEX, with their line services and rigs.
Try to look at this, as a technology to complete the services that they already have. This technology is extremely easy to use, after you have the knowledge, hence its low cost compared to virtually any other procedure. Further, the yields are extremely high and sustained.
This is not really replacing methods that J-TEX has, given this unique nature, but rather J-TEX is now exclusively offering a new and productive technology.
4. There are lots of integration issues. The management of both companies has to work to make this happen. Very simply put, you start with 1 well, and go to the next, and train crews to get to what we intend. The normal business process comes into play. The numbers quoted are what we believe possible and realistic. There are many people that would want to say 4 this month, 40 next month and 400 the following month. Frank, the practicality is that J-TEX has a ton of work to do this in their system, as does Geotec.
One of the reasons that we delayed so long without having any announcements is that J-TEX had to coordinate things with us, to get to the point of releasing the information. We have not worked out all the timetables and details. It takes some time, as the press releases have indicated.
The key, is that this is a science with probability, whereby hard cash comes in from these arrangements. We have commitments, and we are committed to profits and sales by these arrangement. It will take the time that it takes, and we have already taken more time than I would like, but history is just that.
I hope that answers all your questions.
Regards,
Rick
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Post by greatday8 on Apr 11, 2004 19:49:32 GMT -5
Dear Frank,
The work sequence for our system is so much similar that an hydraulic fracture. When you have the time, look at Halliburton's web site. It is described.
Frank, we know every procedure out there. We have had expert opinions and write-ups from Russian on every system, during the time when we were waiting and getting the bureaucratic approvals for the transfer of technology and our contracts approvals.
Frank, I deal with petroleum engineers on their level. I am a scientist that tries to learn and understand technology.
In truth, I have only found on person in all of the people in the US that knew anything about propellants. That was a Vice President of Shell, for New technologies. We talked for over an hour and fired questions, which I answered. He was very appreciative of why and how the technology was developed.
Thanks and regards,
Rick
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Post by greatday8 on Apr 11, 2004 19:50:13 GMT -5
Dear Frank,
We can generalize about a well, and what should be done, but we don't do things that way.
If we have all the data, which you see requested on our web site, in the well services section, and we also have the well logs, then we can determine what the net effect will be.
Any action on a well, that changes the fluidics, surface tension, or motility has an effect on the formation. Clay swell, and the ion effects that people try are only temporary, if the ionic value changes with time. This may effect the skin and certainly the hydrocarbon flow in the near wellbore area.
Porosity, water saturation, permeability, oil saturation and 20 other parameters are subject of variance.
If then our procedure increases permeability by so much, a flow rate can be predicted on a probability curve, as well as a probability curve of success.
This is not rocket science, but the parameters and mathematics are just as complex to utilize this science. This is not an art form, of trying it, to see if it works.
Regards,
Rick
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Post by greatday8 on Apr 11, 2004 19:51:32 GMT -5
Dear Frank, There are several Russian patents covering the PGDBK Gas Generator technology. One of our agreements with the Russian Federation is that we apply for patents in our territory. This we have done, and the technology is patent pending, and we certainly expect the patents to be awarded, although the patent office process takes time. If you look at the Geotec web site, www.geo-tec.net, you will see under the overview section several Russian Oil and Gas companies that utilized this technology in Russian and the former Soviet Republics. Those are some of the companies that use the technology in this geographical area. You also have Luk Oil, and GASPROM as two of the world's largest companies for oil and gas utilizing the technology. Outside of this area of Russian influence, only governments, or government owned oil companies have access to the technology in China, India, Vietnam, Cambodia and I also believe, North Korea. Geotec is the only company that is not government owned or a government with this technology, to the best of our knowledge, as Altai has confirmed. The technology transfer has been complete, and we have field training issues to be coordinated with J-TEX, which we are currently addressing. I hope that help. Best Regards, Rick
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Post by greatday8 on Apr 11, 2004 20:07:46 GMT -5
The next 5 posts are emails from May 2003. Dave asked questions of me, which I made a response to and I believed they deserved a response from Rick, so I forwarded them asking Rick to respond. greatday8 ================================================================== Working with Dave: 1 of 5 Hello Frank..uh, not trying to sound like a horses flower or anything but could you answer some of these concerns? 1) Company has not treated any wells since 20 tests were carried out in the summer of 2000 - why if the process works as well as reported? 2) If process is so revolutionary why are venture capitalists not queuing up at the Company's door? 3) Company has/is borrowing money at an interest rate of 50% and like RMEC because it has no cash, it is paying management, staff and advisors with options to buy shares at $0.15, which they immediately unload on the market - shareholders interests are therefore continually being diluted. 4) The 10k states that the Company's use of cash will be considerable for the foreseeable future - where is this cash going to come from? 5) If the Capital Group who were appointed in January as investment bankers to raise $52m in debt/equity (fairly significant that no progress has as yet been made!!) is it not likely, if they are successful, that existing shareholders will be shafted. 6) Company's staff require further training - where is the money going to come from to pay for this? - why was it not provided at the outset? 7) It would appear that the licence or right to use the process could be owned by Dan Pepe and not Geotec - legal action by Diamond Technologies was against Dan Pepe, their former employee and not Geotec. 8 ) How long is the licence for and are royalties paid back to the Russian Federation. 9) Is the Russian Federation as the name implies, the Russian government and how did Dan Pepe/ a small company like Geotec com to acquire the rights to the process (for such a sizeable area as North, South and Central America with so it is said approximately 5.4 Million oil and gas wells) when it would appear that elsewhere it has only been granted to governments - I find this the most difficult thing to believe/accept. 10) In January 2003 Mirador Consulting were appointed to implement a five star investment relations program - what have they done? - I can find no evidence of anything having been done/achieved! Dave ========================================================== ===== Working with Dave, 2 of 5: This was too long for one post and will be labeled 2a and 2b of 5. This is my reply to Dave's first questions. I replied to his email and inserted my answers inside his questions. 1) Company has not treated any wells since 20 tests were carried out in the summer of 2000 - why if the process works as well as reported? Geotec' team along with a team of FR&PC ALTAI scientists treated 20 initial wells for purposes of proving the technology according to the standards established and transfer the technology to Geotec. These tests proved the value of the technology. Geotec signed its exclusive agreement for the gas generators in late 1998, and arranged for the transfer of technology in 2000. With the final export license being received in November, 2001, Geotec was limited in expanding its business base, given the inability to obtain the gas generators. 2) If process is so revolutionary why are venture capitalists not queuing up at the Company's door? Geotec did have a $24m equity funding in 2000 which was canceled because Geotec learned that their stock was being shorted. The shorts hoped to use the equity funding to get stock to cover at a much lower price. Geotec did not wish to get caught in an equity funding deal, often refered to as "PIPE Dreams". www.canadianbusiness.com/xta-asp...file&viewt ype=browse&tpl=browse_frame&vpath=/2002/06/24/Feature/46786.html Scroll to the last paragraph on the first page, you will see Geotec is in the article. 3) Company has/is borrowing money at an interest rate of 50% and like RMEC because it has no cash, it is paying management, staff and advisors with options to buy shares at $0.15, which they immediately unload on the market - shareholders interests are therefore continually being diluted. Geotec has borrowed funds, is current on all loans, and some loans were satisfied with the company issuing shares. The 10K and 10Q says the company will work with joint venture partners for funding. I do not know the specific's about the options, but I believe they will not be immediately unloaded on the market. 4) The 10k states that the Company's use of cash will be considerable for the foreseeable future - where is this cash going to come from? The following statement from the 10K and 10Q says funding will come from the joint venture partners. I guess that means Geotec will not be creating shareholder dilution. "Management was unwilling to dilute shareholder positions with the raising of $5-8 Million for a marketing plan to be implemented. As a result, Management chooses to work with joint venture partners that would fund the Company by utilizing it services. Management expects this strategy to be very successful throughout 2003." 5) If the Capital Group who were appointed in January as investment bankers to raise $52m in debt/equity (fairly significant that no progress has as yet been made!!) is it not likely, if they are successful, that existing shareholders will be shafted. The current status of this in not known to me, this $52m is for the JV partners who will then use Geotec's technology. "Capital Group International intends to raise a minimum of $52 Million in debt/equity for joint ventures with associated companies utilizing the Company's unique services." 6) Company's staff require further training - where is the money going to come from to pay for this? - why was it not provided at the outset? Geotec's staff was trained with the treating of the 20 initial wells. The training Geotec's staff needs is on High Pressure wells, which will come later. The 10Q says; "Initial training for J-TEX has been imparted, and as new J-TEX personnel are added, additional training of the new staff will be required. 7) It would appear that the licence or right to use the process could be owned by Dan Pepe and not Geotec - legal action by Diamond Technologies was against Dan Pepe, their former employee and not Geotec. Geotec has the license to the PGDBK technology, not Dan Pepe. Because of UltraDiamond's past assocation with Dan, they tried to create an opportunity for themselves which failed. 8 ) How long is the licence for and are royalties paid back to the Russian Federation. Geotec has a ten-year exclusive license for the technology with a ten-year renewal option. Geotec buys the generators for hard currency and royalties are not paid to ALTAI. 9) Is the Russian Federation as the name implies, the Russian government and how did Dan Pepe/ a small company like Geotec com to acquire the rights to the process (for such a sizeable area as North, South and Central America with so it is said approximately 5.4 Million oil and gas wells) when it would appear that elsewhere it has only been granted to governments - I find this the most difficult thing to believe/accept. Dave, I presented this question to Rick Lueck and ask if he would give me an answer. (Rick, can you give an answer to question 9?) 10) In January 2003 Mirador Consulting were appointed to implement a five star investment relations program - what have they done? - I can find no evidence of anything having been done/achieved! Dave, the only way to get the correct answer to this question is to call Frank Beneditto at 1-877-647-2367. I do not know what Mirador has done, is doing, and plans to be doing during the remainder of their contract. I have talked with Frank Beneditto and have not asked these specific questions. He has his investor contacts, who have done some buying, and as Geotec delivers, there should be more buying. Frank ================ (continued in next post)
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Post by greatday8 on Apr 11, 2004 20:08:30 GMT -5
(Continued from previous post)
Working with Dave, 3 of 5:
Rick's reply to Dave's first batch of questions, which I forwarded to Dave.
Dear Frank,
Bottom line, Geotec was shorted well before Nov., 2001, when the license came through with the Russian Federation, and no funds, and the law suit with UltraDiamond prohibited the raising of funds, since we were challenged as to Dan's ability to bring the technology to Geotec. That was cleared up in the latter part of 2002, and we have structured capital through various sources to purchase generators, without diluting shareholders by selling 50 million shares for a few million dollars. No one wanted to touch us, if we had not acquired the technology legally, which although it was a frivolous lawsuit, it laid down the question.
We never repaid 50% to anyone, that was just the term of the deal, and they are close friends of the company and took stock.
Employee options have to be paid for by the employee, then the employee has to wait one year for the ability to sell, after the acquisition of the option shares. So putting them on the market immediately is not possible.
Cash comes from the joint ventures as we have designed and put out information in the 10K and 10Q.
Anyone thinking that funds raised from or thought the Capital Group will dilute shareholders has exactly the wrong understanding. The funds from this, go into a company to own wells, and they will paid Geotec for its services, as Geotec was never designed to own wells, just get paid for its services. Why would anyone think that this shafts the Geotec shareholder, is beyond me.
The license agreement is 10 years, with the ability to extend to another 10 years, and this is for the purchase of generators, and no royalties are to be paid back to Russian Federation. I don't understand where someone would think this.
The fact that UltraDiamond's action was against Dan Pepe had to do with legal criteria, and what they thought their strength would be against Dan Pepe, vs, also suing Geotec.
The rights for the generators are not Dan Pepe's, even though he brought it to the company, they are owned by Geotec, in which Dan Pepe has equity.
Dan was over in Russia, since the early 1990s and created several business opportunities. It was very difficult to get to the right people that could provide continual access to technology. Who you know is the issue, and Dan knows the right people. What we could still access is beyond what even I would think. There are so many technologies, and many will be given to parties that know the right people. Russians are not attuned to marketing and sales, through companies, like in the US, they work based upon relationships, and large US companies will dominate the Russians, that do understand marketing and sales in the Western world. Remember that Communism has only been gone for just over 10 years, and there was no such thing as marketing and sales. So if you can get through the quagmire like what took us 4 years with the license, then you can be successful. I will tell you that there is an extremely large oil company that has been trying to get the technology for 6 years in the North Sea. They are not as far along as we were three years ago. Size does not mean as much. This question is ask, by someone who only understands business in the Western world. Our contacts and friends are just below Putin.
Frank,
I think that about covers the questions, if you have any more, please let me know.
Regards,
Rick =================================================================
Working with Dave, 4 of 5:
I forwarded these questions to Rick to answer.
Frank..just a couple of more questions if you get the chance:
The first relates to the Capital Group who were appointed in January as investment bankers to raise $52m in debt/equity - are Capital Group still working for the Company in this regard and if so what progress has been made? The delay here is worrying and must also be causing management some concerns.
The second concerns the Mirador Consulting who were appointed in January 2003 to implement a five star investment relations program - are they still working to achieve this (what is it?) and if so what progress has been made or when will the benefits become apparent?
Regards, Dave ===================================================================
Working with Dave, 5 of 5:
This is Rick's answer to Dave's questions in 4 of 5.
Dear David,
In response to your recent questions:
1. The arrangement with Capital Group is non-exclusive, so there are more people working on this. The Capital Group is actively working on this process also. There are three investment bankers at Capital Group involved.
I am not sure what delay you are referring to, as they are making progress. It normally takes a lot of time to raise this type of money, and there certainly are no guarantees. As to the specific progress, we cannot disclose this to individual shareholders until we disclose it to all shareholders, at the same time, through a press release.
As to Mirador, they have brought new shareholders into Geotec. The share price was below 10 cents when they started, and new shareholders have improved the share price due to Mirador's efforts. The four other prongs of their effort have not been seen, due to the timing of our business, and what is going on, that we have not yet disclosed. I think you will see these things in the near term. The specifics, we are not disclosing at this time.
Mirador has brought support and will continue to do so, as Geotec's business plans progress.
I wish I could give you more specifics, however all forward events are part of episode yet to happen, and we are only permitted to disclose such items to all shareholders in an 8K or press release.
David, this may not help that much, but it is the extent that we can respond, at this time.
Regards,
Rick ===================================================================
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Post by greatday8 on Apr 11, 2004 20:09:27 GMT -5
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Post by greatday8 on Apr 11, 2004 20:19:07 GMT -5
Geotec Thermal Generators, Inc. Announces Execution of a Letter of Intent to Acquire TELCO Energy Corporation
Monday March 1, 7:00 am ET
BOCA RATON, Fla.--(BUSINESS WIRE)--March 1, 2004--Geotec Thermal Generators Inc. (OTCBB:GETC - News) today announced that it has executed a letter of intent to acquire TELCO Energy Corporation. The Letter of Intent specifies that Geotec will acquire TELCO Energy Corporation upon completion of an operating agreement between the two companies.
Geotec's CEO, W. Richard Lueck commented, "The business synergy between Geotec and TELCO is strong. The acquisition fuses the power of Geotec's leading edge technology on the significant assets of TELCO Energy." TELCO Energy operates an energy business in the U.S., is developing business operations in Russia and China, and owns 1,400 miles of gas pipeline.
Lueck commented that "This acquisition positions Geotec to market its technology to a much larger customer set in the global energy market."
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 6,500 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 6,000 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.
Pending closing of the acquisition, Geotec will enter into an operating agreement with TELCO Energy for joint management of Geotec's combined operations. Finalization of the acquisition is subject to due diligence reviews by each company and amendment of Geotec's articles to increase the authorized stock.
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Post by greatday8 on Apr 11, 2004 20:20:02 GMT -5
Geotec Thermal Generators, Inc./TELCO Announces that it has had an Agreement with an Option to Acquire 51% of Vogageoresource, Comprising 1 Million Acres in the Saratov Region of the Russian Federation Wednesday March 3, 12:31 pm ET
BOCA RATON, Fla.--(BUSINESS WIRE)--March 3, 2004--Geotec Thermal Generators Inc. (OTCBB:GETC - News), with TELCO Management, today announced that it has an agreement with an option to acquire 51% of Volgageoresource. Volgageoresource has advised TELCO Management that it has been awarded, by the Russian Federation, 5 permits to explore 5 hydrocarbon structures in the Saratov Region. (1,037,820 acres or 420 km.sq) Indications, concurrent with the third party to the Agreement, the Institute of GeoInformational Analysis, are, that potential oil reserves are in excess of 100 million metric tons, or approximately 700 million barrels. 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. The details of the complete operations will be incorporated into SEC filings and new information included in future Geotec Press Releases.
Pending closing of the acquisition, Geotec has entered into an operating agreement with Telco Energy for joint management of Geotec's combined operations.
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Post by greatday8 on Apr 11, 2004 20:20:54 GMT -5
Geotec Thermal Generators, Inc., Update to Shareholders and Pending Requirement to Surrender Share Certificates Friday March 5, 9:53 am ET
BOCA RATON, Fla.--(BUSINESS WIRE)--March 5, 2004--Geotec Thermal Generators Inc. (OTCBB:GETC - News) announces an Update to its Shareholders. Geotec Management is very excited about the acquisition of TELCO Energy Corporation, and the details and events of the next few weeks require that we inform our shareholders of the process.
First, you will continue to see press releases regarding TELCO's ongoing operations, as we are provided all the details necessary for publication and release. Geotec Management believes that TELCO is a very rare and exciting company with operations in the United States, China and Russia. TELCO's motto is "From the Wellhead to the Gas Pump." You can also expect to see the depth and experience of TELCO management.
Second, we are required to send to all shareholders a proxy notice of the acquisition, including the increase in authorized shares. It will require your approval, however Geotec management, owning more than 50% of the company, has pledged approval, such that the acquisition is pre-determined.
Third, the acquisition will require Geotec to change its name to TELCO, and this will require a change in cusip number, trading symbol, and a surrendering of your share certificates to the transfer agent to enable you to receive your shares in TELCO Energy Corporation.
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