GILLETTE, WY--(Marketwired - May 10, 2016) - NuTech Energy Resources, Inc. (OTC: NERG), a natural gas and oil technology and development company, is pleased to announce that the Company has received an unsolicited tender offer for the purchase of the Company's outstanding shares at 2.5 cents per share, from TechnoInvest Oil and Gas Ltd., located in Moscow, Russia. Techno is seeking to capture and build on NuTech's patented coalbed methane production technology and take advantage of the company's coalbed methane assets currently in place.
Both corporations in negotiation are actively consulting with their management teams and advisory boards to map out immediate actions. NuTech Energy's attorneys have evaluated the offer and have concluded that their evaluation of the offer points to it being in fact a bona fide offer with the ability to close. The terms are not yet known for the potential transaction, but the Company intends to update shareholders as developments evolve.
Due to the country's economic condition in the oil and gas industry, the Company is receptive and is strongly considering this offer.
About NuTech Energy Resources, Inc.: Nutech Energy Resources, Inc. (OTC: NERG) is a natural gas and oil technology and development company that has developed a patented technology for the production of coalbed methane (CBM) without the need to pump water. Nutech currently operates wells in the Powder River Basin area of northern Wyoming (through sister company Emerald Operating Company) and has commitments to acquire thousands of additional wells. Nutech Energy Resources, Inc.'s development of proprietary equipment uniquely positions the Company to be able to acquire and profitably operate wells that were previously cost prohibitive. For more information visit: http://www.nutechenr.com/
Safe Harbor: This press release contains forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such statements. Forward-looking statements speak only as of the date made and are not guarantees of future performance. We undertake no obligation to publicly revise any forward-looking statements.