EAST HANOVER, N.J. , Sept. 24, 2012 /PRNewswire/ -- Unity Management Group (OTC Pink: UYMG), a business resource and service company, is pleased to announce its wholly owned subsidiary, On Track Technology Solutions Inc. (OTT), Has contracted to acquire two leases. The Tullos Heirs # 009665 and the Tulles Heirs Stenco # 9670 with a combined 15 wells on 86 acres with a PV-20 and significant potential reserves.
"Once the seller has completed all contractual obligations the leases should generate approximately a net of $40,000.00 per month in revenue. We believe the current wells will produce for approximately the next 30 years," said Eddie Schilb president of OTT. Additionally, we are able to drill at least 50 new wells without over producing the lease with multiple formations. For instance, we are able to drill the Wilcox formation at 1500-1700 feet, and then it is standard to move over 30 feet and drill the Sparta formation at 900+ feet. The cost of a new turnkey Sparta well as of last week was quoted $75,000 . We can expect that well to have Initial Production rates at 6-12 barrels per day from the Sparta formation. The cost of a turnkey Wilcox was quoted last week at $85,000 . We can expect Initial Production rates from this zone at 18-22 barrels per day from the Wilcox formation. The wells will decline however they could and are expected to produce for the next 30-50 years. Another great thing is the bonus per barrel we receive each month. August we received a $15 per barrel bonus. The lowest has been $11 bonus per barrel. We receive exceptionally high bonuses.
Josh Mcalpine , Certified Petroleum Land man and Chief Operations Officer, quoted, all together, "I feel this lease is an amazing opportunity with all the added benefits."
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