HOUSTON--(BUSINESS WIRE)--Planet Resource Recovery, Inc. (PINK SHEETS: PRRY), is pleased to announce that the company has received purchase orders to treat twenty six oil wells in the United States. The oil wells to be treated are located in Utah, Colorado and Texas. The depths and formations of these wells vary and hence will be treated with PetroLuxus™ MMMF and PetroLuxus™ WC-100. Introduction of PetroLuxus™ into the wells commenced on July 3rd and will continue over the next several weeks.
To date, oil wells treated with PetroLuxus™ MMMF and PetroLuxus™ WC-100 have shown significant increases in oil and fluid production, less equipment downtime and improved equipment efficiencies resulting in increased oil production. The successful treatments in the Austin Chalk formation are encouraging to operators in less difficult formations where porosity and permeability are more readily inherent. These new treatments represent three new formation types.
The US Department of Energy’s Office of Fossil Energy estimates that “more than 60% of all known oil reserves in the United States remain untapped because of difficulties in extraction from the ground.” These huge untapped oil supplies are difficult to extract due to the oil held in place by molecular forces of cohesion and adhesion. 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.”
About Planet Resource Recovery, Inc.
Planet Resource Recovery, Inc. is the developer, manufacturer and marketer of the PetroLuxus(TM) family of products, a proprietary environmentally friendly chemical compound that dislodges oil in practically all natural and man-made environments. The PetroLuxus(TM) family of products are effective and efficient solutions for the remediation and recovery of petroleum-based products. PetroLuxus(TM) applications include Enhanced Oil Recovery, Oil Sands, oil spills, oil tank farm cleaning, marine ship cleaning, remediation of oil sludge pits, treatment of raw fuel feedstocks, waste oil segregation and biodiesel, to name a few. Through the acquisition and formation of wholly owned subsidiaries, Planet Resource Recovery, Inc. deploys the PetroLuxus(TM) products. Oil Recovery Ventures, Inc. deploys PetroLuxus(TM) through joint ventures in the Enhanced Oil Recovery market.
For an audio/visual demonstration of PetroLuxus(TM), visit: http://www.planetresource.net/index-21.html
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.