HENDERSON, Nev., Jan. 13, 2014 (GLOBE NEWSWIRE) -- Strategic Rare Earth Metals, Inc. (OTC Markets:SREH) announced today that the company has located and is in discussions to acquire an oil lease property located in the oil rich Zavala County of Texas. In addition we are in discussions with Parker to build the new down hole (HOGE) tool.
Bill Schaefer, President of Strategic Rare Earth Metals, Inc., stated, "I am very excited about today's announcement as the company is committed on moving forward.
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.
Using conservative assumptions, Parker projects that for each individual well with 1 lateral producing a minimum of 50 bbls per day and oil at 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. These projections do not include the sale of excess natural gas that will also be recovered from each well.
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. 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.