EnergyTEK Corp is developing a distressed energy asset acquisition programme to take advantage of low asset prices following the slide in oil price.
“The precipitous drop in the price of West Texas Intermediate (WTI) crude prices from over $105 per barrel to $45-50 per barrel will create enormous opportunities to buy energy related assets of all kinds,” said Craig Crawford, CEO of EnergyTEK.
“Inasmuch as the management and board of directors of EnergyTEK have prior experience of working and living through the crash in oil prices in the 1980’s, we are in a unique position to understand the magnitude of this opportunity and believe that energy related assets such as equipment, leases and production will be available for pennies on the dollar.
“With a combination of cash and equity for these acquisitions, EnergyTEK and its shareholders can be in a position to benefit in the short term by utilizing our processes for enhancing production of marginal wells and, long term, when these asset prices recover in the future.”
EnergyTEK Corp. targets unique, promising technologies it believes can improve business growth and profitability, with an emphasis on oil and gas markets.
It applies these technologies by incubating promising companies with innovative business plans that can utilise these technologies to drive business growth and bottom line performance.
It also supports its companies in obtaining necessary working capital financing to support their growth, and in select cases, it will make direct loans and/or equity investments in its own subsidiary companies as well as consider joint venture investments in unique technologies. In the future, it intends to monetise its investments in these companies either by outright sale, or spin off the subsidiary’s shares into the public markets.
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Source: Oil and Gas Technology