Scottsdale, Arizona, Feb. 15, 2022 (GLOBE NEWSWIRE) -- Publicly-held Cyber Enviro-Tech, Inc. of Scottsdale, Arizona, (OTC Pink: CETI) is announcing the deployment of its first downhole pump and related oil production and water filtration technologies on a 500-acre mineral lease. CETI is formally the operator of record with the Railroad Commission of Texas. Based on an independent geological study, the mineral lease has an estimated 45MM barrels of oil reserves (...over $4 Billion at current market price).
The following is a summary of the economic and environmental impact to the oil industry by using CETI’s revolutionary oil production technologies. It removes the need for the 100-year-old pump jack and sucker-rod technology which has many moving parts that must continuously be repaired, rebuilt or replaced. In contrast, the technology we are using has only one moving part, uses "green technology", lasts between six to eight years before needing replacement, and reduces power costs by over 40%. Additionally, it will deliver increased productivity, less equipment replacement and repair expenses, minimal field operator involvement, easier regulatory compliance, improved safety, and numerous environmental benefits. These improved efficiencies will reduce operating costs by over 60%.
Lastly, CETI’s new Smartflow water filtration technology remediates onsite the significant amount of contaminated water produced during oil production (up to eight barrels of water to one barrel of oil). This replaces the expensive alternative of trucking contaminated water out of the field and trucking clean water back into the field. CETI’s Smartflow water filtration technology meets or exceeds EPA standards which is not only environmentally sound but also eliminates costly fines for oil field operators who don’t adhere to EPA regulations. “Cost savings of this magnitude and the positive environmental impact to the industry are far too significant to be overlooked by any oil field Operator” says Kim D. Southworth, CEO of CETI.
Revenue and Regulatory Compliance - Cyber Enviro-Tech is in the oil production stage of its business model and generating revenue. The Company is currently in discussions with other oil field operators to convert their oil fields to CETI's new technologies. Such agreements will be based on a revenue-sharing model to refurbish their existing wells and increase production.
CETI is currently in the process of completing its PCAOB audit in anticipation of filing an S-1 Registration Statement with the SEC in March of 2022 to become a fully-reporting public company.
ABOUT CYBER ENVIRO-TECH, INC. Cyber Enviro-Tech is an environmentally-driven WATER SCIENCE TECHNOLOGY Company focusing on the remediation of contaminated industrial wastewater with an initial emphasis on the oil & gas industry. We do this by integrating fourth Industrial Revolution technologies to include cyber, aerospace, machine learning, industrial and AI engineering telemetry. Our water filtration, waste water and alternative energy systems have neural sensors, controls and networks - all connected to your cellular device.
Any statements contained in this press release that do not describe historical facts constitute forward-looking statements. Forward-looking statements may include, without limitation, financial projections, statements regarding the plans and objectives of management for current and future operations, the development, regulatory approvals and commercialization of the Company's products, or any of the Company's proposed services, systems, services, licensing arrangements, joint ventures, partnerships or acquisitions. Such forward-looking statements are not meant to predict or guarantee actual results and performance and actual events or results may differ considerably. Factors that may cause actual results to differ materially from any projections may include, without limitation, delays in the Company's development of its products and services, the inability to obtain additional financing, the impact of significant new or changing government regulation on the industry, existing or increased competition, results of arbitration and litigation, stock volatility and illiquidity, and the Company's general failure to effectively implement the Company's business plans or strategies. The Company assumes no obligation to update any forward-looking statements to reflect any change in events or circumstances that may arise after the date of this release.