PetroTech Oil and Gas Inc. (OTC: PTOG) (the "Company" or Petrotech") today announced that they have entered into letter of intent with FOXFIRE INC. OF CORSICANA TEXAS to acquire the existing leases owned by Foxfire Inc., and the production. The leases contain two producing wells that are in good working condition with a production of approximately 290 Barrels of Oil Per month, and gross revenue of about $324,000.00 annually and the wells should maintain this rate for approximately the next ten years.