NuTech Energy Resources Inc. (OTC: NERG), a natural gas and oil exploration and development company, has retained an auditing firm approved by the US Security and Exchange Commission to complete actions required to fulfill its goal of achieving a Nasdaq listing.
The company has an agreement to acquire Emerald Operating and Rocky Mountain Exploration Wells, an operation representing 74 existing wells, and their underlying lease agreements. Additionally, Nutech will acquire Emerald's minority non-operator interest in 42 of Mountain Hawk Exploration's wells.
The terms of the agreement include a purchase price of $500,000 in addition to an undisclosed amount of common stock, but not to be in excess of 10% of the issued and outstanding shares.
NuTech continues to focus on adding to the current inventory of its coalbed methane wells in the Powder River Basin of Wyoming. The company has a patented, proprietary technology to produce natural gas without pumping water out of the ground from inside a well. This device is designed to reduce overhead from conventional methods of natural gas production by as much as 80%.