$DMAN NEWS JUST OUT--DEMAND BRANDS, INC. COMPLETES FORM P-5 FOR OIL FIELD OPERATOR WITH TEXAS RAILROAD COMMISSION
Press Release | 02/14/2020
Company has Service Contract to Immediately Commence Work as an Oil Field Operator
Athens, TX, February 14, 2020 -- via OTC Markets -- Demand Brands, Inc. (dba GeoEnhanced Technologies, Inc.) (OTCPK: DMAN), ("Company" or "DMAN"
, today announced that it recently obtained a surety bond and filed its initial Form P-5 with the Texas Railroad Commission, both of which are necessary for an entity to work as a well operator in Texas.
Before an entity or individual is permitted to conduct licensed oil field operations, it must first register in Texas, which is done by providing company structure information on Form P-5, and also provide financial assurance to the state, which provides protection in the event the operator abandons the lease leaving environmental or other liabilities behind. While some companies must post certificates of deposit with the Railroad Commission, GeoEnhanced was able to secure a surety bond, which frees up capital that would otherwise be locked up with the state.
In addition, the Company announced that an operating agreement with a third party to commence field work operating their salt water disposal and oil wells in Garza County, south of Lubbock Texas, has now been signed.
Chief Executive Officer, Craig Fischer, commented, "One part of our five-year operational strategy is to drill and operate oil production leases. We consider this an important adjunct to our electro-seismic surveying business. Our plan is to be able to locate reserves through our technology, then also provide the drilling and operating expertise which will secure a residual source of ongoing revenues. Obtaining our P-5 number and bond together with securing an initial operating contract is a great step forward in our 5 year plan with closing this aspect of our business."
About Geo Enhanced Technologies, Inc.
GEOEnhanced Technologies, Inc. is a South Dakota company headquartered in Gun Barrel City, Texas, and engaged in both oil and gas exploration as well as using a proprietary electro-seismic technology to facilitate subsurface mapping to depths of 40,000 vertical feet. The company is positioned as service provider to the energy and mineral exploration industries where it charges fees plus revenue overrides for employing its technology to create seismic mapping. In addition, GEO is actively acquiring oil and gas production leases which it intends to map using its technology, drill exploratory wells to confirm the mapping, then either resell or further develop and produce the properties. For additional information, see the Companys website atwww.geoenhanced.com.
Safe Harbor Act:
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes", "belief", "expects", "intends", "anticipates", projects "will", or "plans" to be uncertain and forward looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the company's reports and registration statements filed with the Securities and Exchange Commission.
https://www.otcmarkets.com/stock/DMAN/news/DE...?id=253923
Press Release | 02/14/2020
Company has Service Contract to Immediately Commence Work as an Oil Field Operator
Athens, TX, February 14, 2020 -- via OTC Markets -- Demand Brands, Inc. (dba GeoEnhanced Technologies, Inc.) (OTCPK: DMAN), ("Company" or "DMAN"
, today announced that it recently obtained a surety bond and filed its initial Form P-5 with the Texas Railroad Commission, both of which are necessary for an entity to work as a well operator in Texas. Before an entity or individual is permitted to conduct licensed oil field operations, it must first register in Texas, which is done by providing company structure information on Form P-5, and also provide financial assurance to the state, which provides protection in the event the operator abandons the lease leaving environmental or other liabilities behind. While some companies must post certificates of deposit with the Railroad Commission, GeoEnhanced was able to secure a surety bond, which frees up capital that would otherwise be locked up with the state.
In addition, the Company announced that an operating agreement with a third party to commence field work operating their salt water disposal and oil wells in Garza County, south of Lubbock Texas, has now been signed.
Chief Executive Officer, Craig Fischer, commented, "One part of our five-year operational strategy is to drill and operate oil production leases. We consider this an important adjunct to our electro-seismic surveying business. Our plan is to be able to locate reserves through our technology, then also provide the drilling and operating expertise which will secure a residual source of ongoing revenues. Obtaining our P-5 number and bond together with securing an initial operating contract is a great step forward in our 5 year plan with closing this aspect of our business."
About Geo Enhanced Technologies, Inc.
GEOEnhanced Technologies, Inc. is a South Dakota company headquartered in Gun Barrel City, Texas, and engaged in both oil and gas exploration as well as using a proprietary electro-seismic technology to facilitate subsurface mapping to depths of 40,000 vertical feet. The company is positioned as service provider to the energy and mineral exploration industries where it charges fees plus revenue overrides for employing its technology to create seismic mapping. In addition, GEO is actively acquiring oil and gas production leases which it intends to map using its technology, drill exploratory wells to confirm the mapping, then either resell or further develop and produce the properties. For additional information, see the Companys website atwww.geoenhanced.com.
Safe Harbor Act:
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms "believes", "belief", "expects", "intends", "anticipates", projects "will", or "plans" to be uncertain and forward looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the company's reports and registration statements filed with the Securities and Exchange Commission.
https://www.otcmarkets.com/stock/DMAN/news/DE...?id=253923
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