Company Press Release
Nutek Inc. Announces They Have Struck Oil With Their Most Recent Well
LAKE FOREST, Calif.--(BUSINESS WIRE)--Aug. 26, 1999--Nutek Inc., (OTC BB:NUTK - news), a holding company, Thursday announced they received news at 4:40 p.m. PST August 24, 1999 that they had struck oil.
This well, which was announced in July 20, 1999, has finally started producing oil after pumping water for two weeks. This has now started producing 10% oil and the company anticipates this percentage to rise to 80% to 90% very quickly. Once this occurs, the company will have a very successful well, but more importantly, with the success of this well, the company will be looking to drill several more wells on this lease once it is feasible.
According to the company's geologist report, the company has 322,600 barrels of oil and at the current price of $18.75 barrel, the company is looking at just over $6 million in revenues from this lease.
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