SHORT HILLS, NJ--(Marketwired - Aug 12, 2014) - Intrepid Energy, a subsidiary of Umbra Applied Technologies Group (OTC: UATG) has begun to sell oil from a second property within its Mississippi Lime formation portfolio. The refinery scheduled the first delivery of crude for this afternoon. Justin Herman, CEO, of Intrepid Energy, commented that "Production from a second property is a major achievement for us. It's our goal to produce oil from four of our properties before the end of 2014."
According to the Kansas Independent Oil and Gas Association, traditional, vertical wells in the Mississippian Lime have recovered an average of 86,000 barrels of oil equivalent (BOE) per well. The association estimates horizontal wells may recover from 250,000 to 450,000 BOE per well, just one measure of the dramatic changes brought about by horizontal drilling techniques. The IHS tight oil study estimated the typical Mississippian Lime well would produce 219,800 BOE, a mix of crude, NGLs and dry gas.
Alex Umbra, Chief Executive Officer of Umbra Applied Technologies Group, remarked, "The progress made by Intrepid Energy has exceeded our initial expectations. Bringing a second property online ahead of schedule underscores our commitment to creating jobs and clean domestic energy through the safe and responsible development of our energy resources. We are excited about the implications of bringing future properties online and look forward to the full integration of the Greentech technology from Intrepid's sister company, UAT." The proposed wind farm and alternative energy R&D facility in Kansas is scheduled to be operational by the end of 2015. UATG's alternative energy research and development facility is projected to produce enough clean electricity to support the company's drilling and pumping operations.
About Umbra Applied Technologies Group, Inc.
Umbra Applied Technologies Group, Inc. is a diversified, leading edge technology company with a forward vision in the fields of alternative energy, conventional energy, medical innovation, environmental remediation, weaponry, and compound recognition technologies which are marketed toward homeland security.
Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involves risks and uncertainties including, but not limited to any issue or concern. The Company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.