HENDERSON, Nev., Oct. 15, 2013 (GLOBE NEWSWIRE) -- Strategic Rare Earth Metals, Inc. (OTC Markets:SREH) announced today that the company recently entered into a Letter of Intent with Parker Technologies, Inc.
Under terms of the Letter of Intent, Strategic Rare Earth Metals, Inc. will acquire a ten percent (10%) equity position in Parker Technologies, Inc. Parker's patent pending Heavy Oil Gas Extraction Technology ("HOGE") is a technology that is relatively inexpensive and with no foreseeable environmental impact. HOGE is designed to extract heavy oil from formations such as tar/oil sands with a calculated recovery of 90% or more.
Bill Schaefer, President of Strategic Rare Earth Metals, Inc., stated, "I am very excited about today's announcement and the underlying value that such an investment will mean to SREH shareholders. Worldwide, the Heavy Oil industry is a $155 billion a year business and is expected to continue to grow as oil demand increases."
The process developed by Parker mechanically injects hot natural gas delivered deep into the formation by a proprietary tool that liquefies the heavy tar oil and then extracts it to heated storage tanks on the surface. HOGE has the capability of producing over 200 bbls per day, however Parker's projections are based on a conservative 50 bbls a day.
Using conservative assumptions, Parker projects that for each individual well with 1 lateral producing a minimum of 50 bbls per day and oil at an estimated price of $90.00 per barrel that each well should annually produce an estimated $1.1 million net profit before taxes on revenues of $2.03 million.
About Strategic Rare Earth Metals, Inc. (OTC Markets:SREH) – Strategic Rare Earth Metals, Inc. is a publicly traded company trading on the OTC Markets under the symbol SREH. For more information about Strategic Rare Earth Metals, Inc., please visit the Company's website at http://www.srehholdings.com
About Parker Technologies, Inc. – Parker Technologies, Inc.'s energy expertise and an exciting portfolio of assets aims to create stakeholder value through exploration, reserves and production, and opportunistic value realization. For more information, please visit the Company's website at http://www.parkertechnologiesinc.com
Forward-Looking Statement Any statements made in this press release which are not historical facts contain certain forward-looking statements; as such term is defined in the Private Security Litigation Reform Act of 1995, concerning potential developments affecting the business, prospects, financial condition and other aspects of the company to which this release pertains. The actual results of the specific items described in this release, and the company's operations generally, may differ materially from what is projected in such forward-looking statements. The company disclaims any obligation to update information contained in any forward-looking statement. This press release shall not be deemed a general solicitation.
CONTACT: Bill Schaefer, President 562-453-7643Source:Strategic Rare Earth Metals, Inc.