|By Marketwired .||
|August 19, 2014 10:30 AM EDT||
SHORT HILLS, NJ -- (Marketwired) -- 08/19/14 -- Intrepid Energy, a subsidiary of Umbra Applied Technologies Group (OTC: UATG) has achieved another milestone developing a diversified revenue stream within its Mississippi Lime Portfolio. Its CEO Justin Herman announced today that it has successfully begun its plans to receive revenue from its natural gas assets within the portfolio when he said, "Today we begin the next phase of our Clean Energy Initiative with the implementation of our natural gas production operations."
According to the Kansas Independent Oil Gas Association estimates Mississippi Lime horizontal wells could recover 250,000-450,000 barrels of oil equivalent (BOE) per well, while the IHS consultancy estimates a typical Mississippi Lime horizontal well would produce about 200,000 BOE, entailing a mix of crude oil, natural gas liquids, and natural gas. The Mississippi Lime has been described as having some of the highest rates of return for horizontal drilling in the United States.
Alex Umbra, Chairman and Chief Executive Officer of Umbra Applied Technologies Group, stated, "We continue to work diligently to further develop our fields and expand on what we know to be exceptional shareholder value. We believe that the synergistic development of the traditional drilling program in tandem with our alternative energy platforms will set a new standard in energy production." The proposed wind farm and alternative energy R&D facility in Kansas is scheduled to be operational by the end of 2015. UATG's alternative energy research and development facility is projected to produce enough clean electricity to support the company's drilling and pumping operations thus potentially making it the world's first oil company to produce oil via a zero carbon footprint.
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.
Umbra Applied Technologies Group, Inc.
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