The company said that the wells include formerly producing shut-in wells and currently producing wells.

NuTec Energy intends this proposed transaction to be a continuation of a program to invest in existing and marginal production oil wells and to use proprietary fluid technology to rejuvenate the production of these wells.

Global NuTech president E Marchi said that the company looks forward to finalizing this joint venture and moving forward with its involvement in energy producing assets in the US and Canada.