HOUSTON--(BUSINESS WIRE)--Planet Resource Recovery, Inc. (PINK SHEETS: PRRY), developer, manufacturer and marketer of the PetroLuxus™ family of products, announced today that its wholly owned subsidiary, Oil Recovery Ventures, LLC has commenced its first field test of PetroLuxus™ MMMF. PetroLuxus™ MMMF is specifically blended for the Enhanced Oil Recovery market for the treatment of low yield production oil wells to extract existing oil in place.
Oil Recovery Ventures, LLC, treated its first oil well in Central Texas. The oil well identified for treatment with PetroLuxus™ MMMF has a long history of oil production. This isolated well had produced hundreds of barrels of oil per day but production has dwindled to approximately half a barrel of oil per day. The producing well that was treated has a depth of approximately 2200 feet. The company will monitor production activity at the well and anticipates announcing results in near future.
For every barrel of crude oil produced in the United States, two barrels of oil are left in the ground due the cohesion and adhesion of oil to formation structures. Technologies to increase extraction of oil held in place are known as the Enhanced Oil Recovery (EOR) industry. The EOR industry aims to increase extraction in marginal wells where oil production has slowed to 15 barrels a day or less. According to The Office of Fossil Energy, "There are nearly 500,000 of these wells in the US, and together they produce about the same amount of oil as America imports from Saudi Arabia."
PetroLuxus™ MMMF was specifically blended for the EOR industry. A PetroLuxus™ MMMF treatment in a down hole application eliminates the interfacial surface tension between oil and all matter it contacts including sand, clay, rock, shale, etc. The elimination of surface tension permits the oil to separate for economically viable extraction.
PetroLuxus™ MMMF will be available to the EOR market through Oil Recovery Ventures, LLC on a revenue share platform based on increased production of marginal wells.
About Planet Resource Recovery, Inc
Planet Resource Recovery, Inc. is an innovative PetroChemical/Oil Services company that has developed a proprietary, environmentally-friendly chemical that dislodges hydrocarbons in practically all-natural and man-made environments. The company’s flagship product, PetroLuxus™, and its derivative product lines have a strong affinity` and rapid dispersement qualities to break hydrocarbon chains on a molecular level for cost-effective remediation and recovery of petroleum products. The company’s prospective markets for remediation and recovery include: oil tank farm cleaning, marine ship cleaning, oil sludge pits, contaminated soil/oil spills, biodiesel, waste oil segregation, heavy oil, tar sands, and Enhanced Oil Recovery, to name a few. Planet Resource Recovery’s pilot manufacturing plant is fully operational with PetroLuxus™ ready for commercialization.
For an audio/visual demonstration of PetroLuxus™, click on the link below.
"Safe Harbor" Statement: Certain statements in this release are "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. Such statements are subject to numerous risks and uncertainties. Actual results may vary significantly from the results expressed or implied in such statements. Factors that could cause actual results to materially differ from forward-looking statements include, but are not limited to, the Company's ability to meet the terms and conditions required to obtain its project financing, risks and delays associated with product development, risk of market acceptance of new products, risk of technology or product obsolescence, competitive risks, reliance on development partners and the need for additional capital.