SOURCE: Umbra Applied Technologies Group, Inc.

Umbra Applied Technologies Group, Inc.

August 01, 2014 09:50 ET

Umbra Applied Technologies Group's, Intrepid Energy, Completes Two Refinery Agreements

SHORT HILLS, NJ--(Marketwired - Aug 1, 2014) - Intrepid Energy, a subsidiary of Umbra Applied Technologies Group (OTC: UATG), has completed a sales agreement with two refineries. Justin Herman, CEO, of Intrepid Energy, commented, "Our goal was to create the most cost efficient pathway to deliver our product to market. We now have refinery options and enhanced choices with crude haulers within our operational footprint. These agreements will allow us to maximize the value of our oil & gas portfolio." Initial sales will come from the company's portfolio within the Mississippi Lime formation. Intrepid Energy will be one of the first companies to supply crude oil produced in part with clean technology provided by its sister companies ChaseDown and Umbra Applied Technologies GreenTech division.

Alex Umbra, Chief Executive Officer of Umbra Applied Technologies Group, remarked, "We have passed many milestones over the past twelve months and this is just another example of our company surpassing benchmarks and rapidly advancing towards monetizing our hydrocarbon portfolio. We look forward to the creation of our energy farm, and proving that our Greentech products will enhance the efficiency and profitability of Intrepid's oil & gas production."

Intrepid Energy has aggressively increased its land holdings over the past six months. With the collaboration of its sister company, UAT, Intrepid Energy is poised to become one of the first oil producers in the world to produce crude oil almost entirely with a zero carbon footprint. The proposed wind farm and alternative energy R&D facility in Kansas is scheduled to be operational by the end of 2015 and is projected to produce enough clean electricity to support 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.

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