Ziyen Inc., a Scottish-American energy company developing cutting edge procurement software to provide clients with industry specific government and private contracts via procurement portals, filed a 253G2 update to Ziyen’s SEC filings for Ziyen Energy Division’s Technical Evaluation Appraisal Report for the Illinois Basin, according to a press release from the company.
The report has been drafted by oil and gas consultants appointed by Ziyen Inc. to provide their professional technical expertise in the plans for the development of the five Illinois basin oil leases which span over hundreds of acres and contain oil reserves estimated to be in excess of $70 million, the release said.
Ziyen Inc.’s Energy Division has appointed Maurice Wright and Andrew Stephen as project managers and oil and gas industry specialists for the redevelopment of Ziyen Energy’s oil fields in the Illinois Basin. Both seasoned oil and gas engineers, Wright and Stephen bring over 50 years of combined experience working for international oil companies such as Dutch Royal Shell, BP, Conocophillips, TOTAL and various mid-sized oil companies project managing the development of oil fields and implementing new approaches to oil production.
“Our strategy at Ziyen Energy is to work with local companies who have been operating in the Illinois Basin but we intend to bring in new technology to improve efficiency and drive down production costs in order to make the marginal fields and US produced oil highly profitable,” Ziyen Energy Director Shane Fraser said in the release.