Global Oil & Gas Recovery Corp., Signs Definitive Agreement to enter into an Asset Purchase Agreement for 100% of the Shiloh Oil & Gas Leasehold from TexxStar Inc.
Portland, Oregon--(December 9, 2024) - Global Oil & Gas Recovery Corp. ("Global" or the "Company") is pleased to announce that further to the letter of intent ("LOI") with TexxStar Inc.("TexxStar") announced in the Company news release dated July 24, 2024 the Company signed a definitive agreement to complete the acquisition of the Shiloh Oil & Gas leasehold ("the Shiloh Transaction"). The Shiloh Oil & Gas leasehold is a 5,000 acre leasehold located in SE, Kansas. 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.
TERMS OF THE TRANSACTION
The total consideration will consists of a cash payment of $25,000.00 USD and common shares of Global equivalent to $800,000.00 USD. Subject to completion of the Shiloh Transaction the board of directors of Global will approve the Company to deliver the common shares of Global to TexxStar, which will satisfy Global's obligation under the Shiloh Transaction. The consideration is to be payable in such a number of common shares equivalent to $800,000 USD in its share capital ("Consideration Shares") at a per share price equal to $1.00 USD. The Company will acquire 100% of Shiloh assets and current inventory.
About The Shiloh Oil & Gas Leasehold
The Shiloh Oil & Gas project is a 5,000 acre leasehold straddles 4 counties in Southeast Kansas Allen County, Woodson County, Wilson County, and Neosho County.
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. In August of 2023.
Global conducted a gas pressure test on the project with a local geologist. The test indicated that 85% of the 114 well bores were available for rework and ready to be swabbed and pumps inspected to be put back into production. The company 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. Estimated oil reserves are 926,500 BBL.
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.
On behalf of the Board of Directors
Global Oil & Gas Recovery Corp.
Richard Cindric, CEO and Director
For further information, please contact Mike Poulin, IR Representative at: 604-719-1796 richard@globaloilandgasrecovery.com
Global Oil & Gas Recovery Corp., Announces Termination of Definitive Agreement with Metawells Oil & Gas Inc.
PORTLAND, OR, October 31, 2024 (OTC Disclosure & News Service) -- ("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.
For further information contact:
Global Oil & Gas Recovery Corp.
Suite # 214, 4320 S. Corbett Ave.
Portland, OR., 97239
Office: 503-660-9790
Mobile: 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.
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 114 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.
Contact Information
For more information contact:
Richard Cindric, CEO
Phone: (604) 719-1796
Global Oil & Gas Recovery Corp., Bringing Game-Changing Gas Flaring Solution to the Oil & Gas Market
PORTLAND, OR - June 05, 2024 - Global Oil & Gas Recovery Corp. (Global) release information on the patented "Gas Flaring Solution" called the Mobile Refining Unit (MRU) 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 Global, 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 2025.
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.
Contact Information
For more information contact:
Richard Cindric, CEO
Phone: (604) 719-1796
richard@globaloilandgasrecovery.com
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