HOUSTON--(BUSINESS WIRE)--Chimera Energy Corp (OTCBB: CHMR) disclosed that meetings with PEMEX in Mexico City are progressing exceedingly well, with an early development being that PEMEX has already identified three Chicontepec Formation wells for use of Chimera’s new Non-Hydraulic Shale Oil Extraction system. The meetings include PEMEX officials, Chimera Energy Corp President Charles Grob, Weis S.A.’s representative and other officials. The purpose of the meetings is for PEMEX and Chimera Energy Corp to collaborate on utilizing CHMR’s revolutionary exothermic Non-Hydraulic Extraction system throughout Latin America, pursuing an initial deal between the two companies that was executed last week.
The Non-Hydraulic Extraction system is a revolutionary Shale Oil extraction technology designed to safely and economically replace hydraulic fracturing (AKA fracking and fracing) without negative environmental impacts. The new process uses no water.
The development of using the new process on Chicontepec Formation wells is very significant, as this basin is considered Mexico's largest certified hydrocarbon reserve, totaling more than 139 billion barrels of oil (22.1×109 m3).
Company President Grob expects to announce several major business developments, once the meetings in Mexico City have concluded.
Non-Hydraulic Extraction has recently emerged to be asserted as a cheaper and more effective extraction method that does not affect groundwater at all. Chimera Energy Corp is in the process of reengineering this new method for mass production, relicensing and sales. For a description of how Non-Hydraulic Shale Oil Extraction works, please visit www.chimeraenergyusa.com/investors.html
Chimera Energy Corp is a Texas corporation listed on the OTCBB under the trading symbol CHMR. Chimera Energy Corp (CHMR) acquires, develops, licenses and sells new energy technology and products that are designed to profit from the current domestic shale oil boom. CHMR competes in an industry sector that includes Chesapeake Energy Corporation (NYSE: CHK), Continental Resources, Inc. (NYSE: CLR), Heckmann (NYSE: HEK), Exco (NYSE: XCO) and Xylem (NYSE: XYL).
More information about Chimera Energy Corp may be found at www.ChimeraEnergyUSA.com
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