Global Oil & Gas Recovery Corp. Announces Termination of Definitive Agreement with Metawells Oil & Gas Inc.
PORTLAND, OR - October 31, 2024 - Global Oil & Gas Recovery Corp.,( " or the "Company") announces that the amalgamation agreement between the Company and Metawells Oil & Gas Inc., dated April 16, 2024, as amended (the "Definitive Agreement"), and as further described in the press releases dated April 16, 2024 and July 23, 2024, has been terminated.
Safe Harbor Statement - In addition to historical information, this press release may contain statements that constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release include the intent, belief, or expectations of the Company and members of its management team with respect to the Company's future business operations and the assumptions upon which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause these differences include, but are not limited to, failure to complete anticipated sales under negotiations, lack of revenue growth, client discontinuances, failure to realize improvements in performance, efficiency, profitability, and adverse developments with respect to litigation or increased litigation costs, the operation or performance of the Company's business units or the market price of its common stock. Additional factors that could cause actual results to differ materially from those contemplated within this press release can also be found on the Company's website. The Company disclaims any responsibility to update any forward-looking statements.
Contact Information
For more information contact:
Richard Cindric, CEO
Phone: (604) 719-1796
Global Oil & Gas Recovery Corp., Signs Letter of Intent with TEXXSTAR INC., to acquire the Shiloh Oil & Gas Project is SE Kansas.
PORTLAND, OR - July 23, 2024 - Global Oil & Gas Recovery Corp. (GlobalOG) has signed a Letter of Intent (LOI) with TEXXSTAR INC., to acquire the Shiloh Oil & Gas Leasehold in SE Kansas.
On May 16, 2024, Metawells Oil & Gas Inc. (the "Company" or "KOSK") announced that it had entered into a definitive agreement dated May 14, 2024 to merge with Global Oil & Gas Recovery Corp. an arm's length privately held company ("GlobalOG") incorporated in the state of Delaware.
The transaction is structured as a shares exchange in which KOSK will acquire all the issued and outstanding capital interest or shareholdings of Global, in exchange for KOSK authorized but unissued common stock
The Shiloh Oil & Gas Leasehold
This leasehold straddles 4 counties in Southeast Kansas Allen County, Woodson County, Wilson County, and Neosho County. The 4 counties where the leasehold is located realized production of 719,217 barrels of oil and 7,299,945 MCF of natural gas in 2022.
This project was last put together by Admiral Bay Resources in 2007 and produced over 3.8 BCF of gas for Exodus Gas & Oil LLC.
Geology
This project lies in the Cherokee Basin just to the south of the Bourbon Arch, which borders Kansas and Oklahoma. Available data and mapping indicate the basement structural features in the area of the state are located on the top of Arbuckle in southeast Kansas, as well as the top of the Mississippian Formation. Major structural features show that the Bartlesville Sandstone, Squirrel Sandstone and Mississippian are productive formations.
This area is called the "Coalbed Methane" formation, which can be seen from the perforations on the cross section of the Sandstones, Bartlesville and Squirrel area of the reservoirs. Also, the Mississippian is usually a limestone formation, which has the potential for oil and gas and in certain areas helium.
Shiloh Gas Project Highlights
5,000 acres HBP
30 miles of shut in gas system
Producing 500 MCFG/D when shut in
108 well bores
Well depth 900'
Potential to drill 150 more gas wells
50# gas gathering lines
4.5 inch casing
$100,000 in usable equipment
Gathering systems for both gas and water
The Opportunity
In August of 2023 GlobalOG conducted a gas pressure test on the project with a local geologist. The test indicated that 85% of the 108 well bores were available for rework and ready to be swabbed and pumps inspected to be put back into production.
GlobalOG will begin the process of doing a workover on 90 wells with the objective to reactivate the wells in stages, targeting initially a production volume of 500 MCFG/D and then ramping up to 1,000 MCFG/D.
The leasehold previously also produced oil from a couple of wells, although the previous operator did not target the oil. GlobalOG will do a workover on a couple of oil wells, assess the potential to re-work and convert some of the lower producing gas wells to oil, and then begin a drilling program, targeting oil formations which include the Squirrel and the Bartlesville Sands formation. Estimated oil reserves are 926,500 BBL.
Terms of the agreement and financing commitment will be outlined in the Definitive Agreement expected to close on or before August 10th, 2024.
Safe Harbor Statement - In addition to historical information, this press release may contain statements that constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release include the intent, belief, or expectations of the Company and members of its management team with respect to the Company's future business operations and the assumptions upon which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause these differences include, but are not limited to, failure to complete anticipated sales under negotiations, lack of revenue growth, client discontinuances, failure to realize improvements in performance, efficiency, profitability, and adverse developments with respect to litigation or increased litigation costs, the operation or performance of the Company's business units or the market price of its common stock. Additional factors that could cause actual results to differ materially from those contemplated within this press release can also be found on the Company's website. The Company disclaims any responsibility to update any forward-looking statements.
Contact Information
For more information contact:
Richard Cindric, CEO
Phone: (604) 719-1796
Global Bringing Game-Changing Technology to the Market
PORTLAND, OR - June 05, 2024 - Global Oil & Gas Recovery Corp. (GlobalOG) release information on the patented Mobile Refining Unit (MRU) solution developed for producing green fuels from wasted natural gas.
Methane emissions are among the top causes of global warming responsible for around 30% of the rise in global temperatures since the Industrial Revolution; it is the second largest contributor to global warming after CO2. Methane tends to leak into the atmosphere undetected from drill sites, gas pipelines and other oil and gas equipment, so reining in methane emissions can have a more immediate impact on limiting climate change. The market segments include oil and gas, landfill gas, bio gas, shale gas, large scale to produce diluents to transport heavy oil to the US market. In Canada, the Alberta Energy Regulator is shutting in wells that cant meet the emission objectives. Furthermore, EPA's new policies will ban routine flaring of natural gas produced by newly drilled oil wells, require oil companies to monitor for leaks from well sites and compressor stations and establishes a program to use third party remote sensing to detect large methane releases from so-called "super emitters".
Tackling methane emissions is one of the most cost-effective ways to reduce greenhouse gas emissions. The MRU technology developed and patented by PENG for GlobalOG, addresses the flaring, venting and leaking abandoned wells issue by capturing the wasted methane gas and converting it to a usable fuel. The MRU technology converts methane to liquid by applying a catalytic partial oxidation (CPOX) step in a milli-second reactor. This compact reactor costs a fraction of steam methane reforming (SMR) because it is exothermic rather than endothermic and so heat management is much simpler. The patented MRU technology is currently in final development stages and could be ready for production in late 2024. This technology provides this economic alternative with an expected payback in 12 to 18 months. So, this would trigger a huge demand for the units as companies would be obliged to buy it.
More information will be released as the Company moves on with the implementation of its business plan.
ABOUT GLOBAL OIL & GAS RECOVERY CORP.
The Company's primary focus is to implement Enhanced Oil Recovery (EOR) techniques to existing abandon wells, maturing oil fields and previously tapped reserves located in the United States and Canada. By restoring these existing oil and gas wells we create value for our shareholders by generating revenue from oil and gas production.
Green Technology - Focused on Methane Emission Mitigation
The company is funding the further development of Mobile / Methane Refining Unit (MRU) developed and patented by PENG. Oil and gas companies flare more than $10.6 billion in natural resources every year. They set fire to billions of cubic feet of natural gas through flaring and venting each year. Flaring, venting and leaking abandoned gas wells not only waste natural resources but pollute the atmosphere with hazardous methane gases. The MRU technology addresses the flaring, venting and leaking abandoned wells issue by capturing the wasted methane gas and converting it to a usable fuel. This technology is currently in final development stages and could be ready for production in late 2024. To learn more visit: https://globaloilandgasrecovery.com/gas-flaring-solution
Forward-Looking Statements:
Safe Harbor Statement - In addition to historical information, this press release may contain statements that constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release include the intent, belief, or expectations of the Company and members of its management team with respect to the Company's future business operations and the assumptions upon which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause these differences include, but are not limited to, failure to complete anticipated sales under negotiations, lack of revenue growth, client discontinuances, failure to realize improvements in performance, efficiency, profitability, and adverse developments with respect to litigation or increased litigation costs, the operation or performance of the Company's business units or the market price of its common stock. Additional factors that could cause actual results to differ materially from those contemplated within this press release can also be found on the Company's website. The Company disclaims any responsibility to update any forward-looking statements.
Contact Information
For more information contact:
Richard Cindric, CEO
Phone: (604) 719-1796
Global Oil & Gas Recovery Corp. Enters Into Definitive Agreement to Merge with Metawells Oil & Gas Inc., Bringing Technology That Eliminates the Flaring & Venting of Waste Methane Gas
PORTLAND, OR - May 16, 2024 - Global Oil & Gas Recovery Corp. (the "Company" or "GlobalOG") is pleased to announce that it has entered into a definitive agreement dated May 14, 2024 (the "Definitive") to merge with Metawells Oil & Gas Inc. a public held company ("KOSK") incorporated in the state of Nevada.
The transaction is structured as a shares exchange and KOSK will acquire all the issued and outstanding capital interest or shareholdings of Global, in exchange with KOSK authorized but unissued common stock. The agreement includes a series of representations and warranties by both parties and conditions that precedent the corporate action. Global is currently a private company and exists in good standing under the laws of the State of Delaware.
KOSK President Ronald Minsky states that, "This merger with Global will be extremely beneficial for KOSK shareholders as Global brings in cutting edge technology for the recuperation of oil and gas from abandoned and zombie oil fields in the U.S. and Canada." Global Oil and Gas Recovery Corporation CEO Richard Cindric states, "Global has been looking for the proper partner to take our business to new heights with our cutting-edge technology. We look forward to the days ahead to putting our company on the map as a big player in the oil and gas recovery business."
About Metawells Oil & Gas Inc.
Metawells Oil & Gas Inc. is a holding company founded in the State of Nevada and engaged in two sectors, the energy sector and the sector of technology. The Company is set to forge strategic collaborations and develop both business segments to accelerate the company growth. The company is currently working on its strategic business plan to become an oil producer, focused on the multi-zone development and Enhanced Oil Recovery ("EOR") of "extreme shallow" medium gravity oil.
About Global Oil & Gas Recovery Corp.
The Company's primary focus is to implement Enhanced Oil Recovery (EOR) techniques to existing abandoned wells, maturing oil fields and previously tapped reserves located in the United States and Canada. By restoring these existing oil and gas wells we create value for our shareholders by generating revenue from oil and gas production.
Our Green Technology - Is Focused on Methane Emission Mitigation
The company is funding the further development of a patented Mobile Methane Refining Unit (MRU). Oil and gas companies flare more than $10.6 billion in natural gas (methane) every year. The MRU technology eliminates the flaring, venting and leaking of abandoned wells by capturing the waste methane gas and converting it to a usable fuel. This technology is currently in final development stages and could be ready for production in late 2024. To learn more visit: https://globaloilandgasrecovery.com
Forward-Looking Statements:
Safe Harbor Statement - In addition to historical information, this press release may contain statements that constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release include the intent, belief, or expectations of the Company and members of its management team with respect to the Company's future business operations and the assumptions upon which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause these differences include, but are not limited to, failure to complete anticipated sales under negotiations, lack of revenue growth, client discontinuances, failure to realize improvements in performance, efficiency, profitability, and adverse developments with respect to litigation or increased litigation costs, the operation or performance of the Company's business units or the market price of its common stock. Additional factors that could cause actual results to differ materially from those contemplated within this press release can also be found on the Company's website. The Company disclaims any responsibility to update any forward-looking statements.
Contact Information
For more information contact:
Richard Cindric, CEO
Phone: (604) 719-1796
Global Oil & Gas Recovery Corp. Releases Current Updates
PORTLAND, OR, - April 29, 2024 - Global Oil and Gas Recovery Corp. releases updates following the Letter of Intent signed between Global Oil & Gas Recovery Corp. and Metawells Oil & Gas Inc. (OTC Pink: KOSK) The two companies expect to have an executed agreement within the next 10 days.
Metawells President Ronald Minsky says, "Bringing in a Company of this magnitude gives us the ability to use a strong technology company that can enhance oil recovery techniques to existing abandoned wells in the United States."
The United States is the number one producer of oil in the world and by using the Green Technology called PENG, the technology that has the ability to capture leaking Methane gas and convert it into usable fuel, Global exploits 100% of the well and contributes to reducing emissions. Making good use of the Abandoned wells, referred to by the name Zombie Wells, is a huge problem for all Oil and Gas companies larger or smaller throughout the world. There is an excessive need to find upgraded solutions in the oil fields and Global Oil and Gas Recovery Corp. has the right technology with the ability to revive existing oil and gas wells in the United States. This technology will generate revenues from previously tapped reserves on one hand and solving environmental issues on the other. Metawells Oil & Gas Inc. is thrilled to be bringing this technology to the United States through the upcoming merger. On completion of the merger Metawells Oil & Gas Inc. will be able to announce projects about to start in the United States.
ABOUT GLOBAL OIL & GAS RECOVERY CORP.
The Company's primary focus is to implement Enhanced Oil Recovery (EOR) techniques to existing abandoned wells, maturing oil fields and previously tapped reserves located in the United States and Canada. By restoring these existing oil and gas wells we create value for our shareholders by generating revenue from oil and gas production.
Green Technology - Focused on Methane Emission Mitigation
The company is funding the further development of Mobile / Methane Refining Unit (MRU) developed and patented by PEnG. Oil and gas companies flare more than $10.6 billion in natural resources every year. They set fire to billions of cubic feet of natural gas through flaring and venting each year. Flaring, venting and leaking abandoned gas wells not only waste natural resources but pollute the atmosphere with hazardous methane gases. The MRU technology addresses the flaring, venting and leaking abandoned wells issue by capturing the wasted methane gas and converting it to a usable fuel. This technology is currently in final development stages and could be ready for production in late 2024. To learn more visit: https://globaloilandgasrecovery.com/gas-flaring-solution
About Metawells Oil & Gas Inc.
Metawells Oil & Gas Inc. is a holdings company founded in the State of Nevada and engaged in two sectors, the energy sector and the sector of technology. The Company is set to forge strategic collaborations and develop both business segments to accelerate the company growth.
Forward-Looking Statements:
Safe Harbor Statement - In addition to historical information, this press release may contain statements that constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release include the intent, belief, or expectations of the Company and members of its management team with respect to the Company's future business operations and the assumptions upon which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause these differences include, but are not limited to, failure to complete anticipated sales under negotiations, lack of revenue growth, client discontinuances, failure to realize improvements in performance, efficiency, profitability, and adverse developments with respect to litigation or increased litigation costs, the operation or performance of the Company's business units or the market price of its common stock. Additional factors that could cause actual results to differ materially from those contemplated within this press release can also be found on the Company's website. The Company disclaims any responsibility to update any forward-looking statements.
Contact Information
For more information contact:
Richard Cindric, CEO
Phone: (604) 719-1796
Metawells Oil & Gas Inc. (KOSK) & Global Oil & Gas Recovery Corp. Sign Letter of Intent to Commence Merger
HARRISON, NY, April 22, 2024 - Global Oil & Gas Recovery Corp. (GlobalOG) announces that GlobalOG and Metawells Oil & Gas Inc. (OTC Pink: KOSK) signed a Letter of Intent to begin the Merger process. The Principals of the Company and KOSK are excited to implement its business plan and build long term shareholder value.
ABOUT GLOBAL OIL & GAS RECOVERY CORP.
The Company's primary focus is to implement Enhanced Oil Recovery (EOR) techniques to existing abandoned wells, maturing oil fields and previously tapped reserves located in the United States and Canada. By restoring these existing oil and gas wells we create value for our shareholders by generating revenue from oil and gas production.
Green Technology - Focused on Methane Emission Mitigation
The company is funding the further development of Mobile / Methane Refining Unit (MRU) developed and patented by PEnG. Oil and gas companies flare more than $10.6 billion in natural resources every year. They set fire to billions of cubic feet of natural gas through flaring and venting each year. Flaring, venting and leaking abandoned gas wells not only waste natural resources but pollute the atmosphere with hazardous methane gases. The MRU technology addresses the flaring, venting and leaking abandoned wells issue by capturing the wasted methane gas and converting it to a usable fuel. This technology is currently in final development stages and could be ready for production in late 2024.
To learn more visit: https://globaloilandgasrecovery.com/gas-flaring-solution
About Metawells Oil & Gas Inc.
Metawells Oil & Gas Inc. is a holdings company founded in the State of Nevada and engaged in two sectors, the energy sector and the sector of technology. The Company is set to forge strategic collaborations and develop both business segments to accelerate the company growth.
Forward-Looking Statements:
Safe Harbor Statement - In addition to historical information, this press release may contain statements that constitute forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained in this press release include the intent, belief, or expectations of the Company and members of its management team with respect to the Company's future business operations and the assumptions upon which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. Factors that could cause these differences include, but are not limited to, failure to complete anticipated sales under negotiations, lack of revenue growth, client discontinuances, failure to realize improvements in performance, efficiency, profitability, and adverse developments with respect to litigation or increased litigation costs, the operation or performance of the Company's business units or the market price of its common stock. Additional factors that could cause actual results to differ materially from those contemplated within this press release can also be found on the Company's website. The Company disclaims any responsibility to update any forward-looking statements.
Contact Information
For more information contact:
Richard Cindric, CEO
Phone: (604) 719-1796
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