CYBER ENVIRO-TECH, INC. In the news release, CYBER ENVIRO-TECH 2024 SHAREHOLDER UPDATE; FOCUS ON LIFT COST REDUCTION; OIL/WATER CONTAMINATION REMOVAL; 45 BILLION BARREL ESTIMATED RECOVERABLE RESERVES, issued 23-Jan-2024 by Cyber Enviro-Tech over PR Newswire, we are advised by the company that the headline should read "CYBER ENVIRO-TECH 2024 SHAREHOLDER UPDATE; FOCUS ON LIFT COST REDUCTION; OIL/WATER CONTAMINATION REMOVAL; 45 MILLION BARRELS ESTIMATED RECOVERABLE RESERVES" rather than "CYBER ENVIRO-TECH 2024 SHAREHOLDER UPDATE; FOCUS ON LIFT COST REDUCTION; OIL/WATER CONTAMINATION REMOVAL; 45 BILLION BARREL ESTIMATED RECOVERABLE RESERVES" as originally issued inadvertently. The complete, corrected release follows:
CYBER ENVIRO-TECH 2024 SHAREHOLDER UPDATE; FOCUS ON LIFT COST REDUCTION; OIL/WATER CONTAMINATION REMOVAL; 45 MILLION BARRELS ESTIMATED RECOVERABLE RESERVES
SCOTTSDALE, Ariz., Jan. 23, 2024 /PRNewswire/ -- Cyber Enviro-Tech, Inc. (OTC Pink: CETI)
As we enter the New Year, we felt it would be beneficial to provide an update for all present and future shareholders. In 2023, CETI made significant strides in developing its reservoir enhancement technologies to increase oil production and reduce lift costs. This is in alignment with US fracking and oil industry as a whole, which is rapidly adopting new technologies to lower the delivered cost of oil and gas. CETI's technologies are at the forefront of this movement and we are excited to be rolling them out 2024.
Presently, up to 8 barrels (bbls) of water is used to produce 1 bbl of oil. This is projected to grow up to 25 bbls in 2025. Cleaning the water and reusing it, or making it potable, is critical to the US's energy and environmental infrastructure. In fact, it is now a law that contaminated, reinjected water must be cleaned prior to reinjection in Texas, the state where our Pilot oil field is located.
Our approach is relatively unique in that we utilize environmentally friendly technologies (enabling Green Fracking) to cleanse the vast amounts of water being used for fracking and salt water injection. These oil/water contaminants include H2S, iron sulfide, sodium, and radioactive material. While cleansing this reused or repurposed water back into the community, CETI is also able to remove sellable oil during the process (estimated at 1% of all production). This creates another revenue stream for the Company.
After the water is cleaned, it can also be reinjected back into the ground. This eliminates aquifer stress, pollution, and trucking removal costs. Fresh water can cost up to $2.50/bbl, so reuse of water can be very useful in lowering lift costs which can range from around $30/bbl. to $40/bbl. in the Texas Permian basin. In 2022, Texas produced around 2 billion barrels of oil so even a reduction of $1 in lift costs could result in billions of dollars of savings.
CETI's focus on remediating and repurposing oil produced water is especially critical for Texas, given its rapidly decreasing water supply. The groundwater supply in Texas is anticipated to decrease by one-third by the year 2070. In fact, the Eagle Ford Oil region of Texas recently saw its freshwater levels drop by 58 ft, with another 26 ft expected in the near future. Without a significant change in repurposing this water, US oil production could be limited since Texas alone accounts for well over one-third of the total national output of oil. As of last year, only 15% of the water used in fracking was recycled. This is why it is mission critical to rapidly increase recycling of water to prevent this catastrophic problem threatening the US oil industry from occurring!
The following sums up this information and provides CETI's reasons for your investment:
- CETI has proprietary technologies to clean fracking and contaminated oil production wastewater. CETI is capable of extracting oil contained in the water and the clean water itself, which results in sellable oil and water.
- CETI uses environmentally friendly technologies that cost significantly less than the technologies it replaces.
- Our process can cut lift costs, potentially resulting in billions of dollars of savings for the oil industry!
- CETI's use of real time wireless, remote technologies, including a smart pump (24/7 monitoring with AI) could reduce the need for physical monitoring.
- Over 90% of all oil wells in Texas produce less than 15 bbl./day. (Stripper Wells) They are a major target for CETI. We can help operators avoid the approximate $25,000 per well cap cost when the well becomes uneconomical. We do this by increasing the longevity and production output of the well.
- The Company expects to procure up to 80% working interest of the oil revenue produced from the oil fields we take over.
- As the operator of record with the Texas Railroad Commission, we control the oil and gas minerals rights to the Alvey Oil Field with proven reserves of 45 million bbls of estimated in ground reserves. This Pilot oil field is being used to develop, perfect, and showcase our technologies.
- The 45 million bbls of geologically estimated recoverable reserves in our pilot oil field is valued at over $3 billion at a $70/bbl. At this level of reserves, when recovered, it could dramatically impact the overall valuation of the Company. We will continue to utilize our proprietary technologies to increase oil production as we further develop our oil field.
In summary, one of CETI's primary objectives is to focus on US oil technology that can lower lift costs, efficiently increases oil production, and do this in an economically Green and environmentally safe way. Very few Green Technology companies can do that!
We look forward to years of major revenue, growth earnings and the stock market's appreciation of our efforts.
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SOURCE Cyber Enviro-Tech
