The company said this proposed transaction will be the start of a program to acquire existing and marginal production oil wells and to use proprietary technology to improve the production of these wells.
Global NuTech president EG Marchi said that the company intends to use this technology to improve oil and gas production from existing wells in Texas, Oklahoma and Louisiana.
"There are over 40,000 of these ‘orphan’ wells available, many of which we can acquire for notes or restricted stock, thus multiplying our revenues with this leverage," Marchi said.
Global NuTech provides marketing and distribution services for a variety of commercial and consumer products.
