AM Oil Resources & Technology Inc. to Build 3 Portable Steam Generators and Receives Continued Interest 9:00a ET January 20, 2009 (Business Wire) AM Oil Resources & Technology Inc. (OTCBB: AMOR) announced today it has finished pre-engineering and will immediately start construction of 3 (three) 10 (ten) Million B.T.U. portable steam systems. The units, targeted for California's oil fields, should be producing revenue for the Company by the end of the first quarter or the beginning of the second quarter. Each of the Company's MTO-06 portable steam systems is capable of producing from $2 - $6 million in annual revenues for the Company. AM Oil Resources & Technology expects to construct between 10 and 20 units in 2009.
According to Anthony K. Miller, CEO, "Our technology is market ready and we are rapidly moving to construct the first of many units we intend to sell and utilize this year. Since we launched our website at www.am-oil.com we have been receiving consistent interest both domestically and internationally, which reinforces that we are on the right track."
"Our initial target market is the more than 400,000 marginal wells in the U.S. alone. California has produced over 9 billion barrels of oil since steaming has been employed and 77 billion barrels of crude oil is still waiting to be produced by technology and innovation. We believe that our technology can provide a solution to independent oil producers as well as larger producers," continued Miller.
In the United States of America, one out of every six barrels of crude oil produced comes from a marginal oil well, and over 78 percent of the total number of U.S. oil wells are now classified as such. There are over 400,000 of these wells in the United States, and together they produce nearly 900 thousand barrels of oil per day, 15 percent of U.S. production.