Oil Recovery - Depleted Oil Wells - Planet Resource Recovery
Planet Resource Recovery, Inc.'s Oil Recovery Ventures, LLC Treats Oil Field with PetroLuxus(TM) MMMF to Increase Oil Production
Thursday July 19, 7:30 am ET
HOUSTON--(BUSINESS WIRE)--Planet Resource Recovery, Inc. (PINK SHEETS :PRRY - News), developer, manufacturer and marketer of the PetroLuxus(TM) family of products, announces that its wholly owned subsidiary, Oil Recovery Ventures, LLC, has completed the initial treatment phase of an oil field with PetroLuxus(TM) MMMF. PetroLuxus(TM) 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 recently treated its first isolated oil well in Central Texas. Based on lab results and promising indicators of PetroLuxus(TM) MMMF's effect on the isolated well, the lease operator asked Oil Recovery Ventures, LLC to expand its field test on an oil field.
The oil field designated for treatment comprised of six producing oil wells. All six producing wells are tapped in the same oil reservoir and communicate with each other at a depth of approximately 2200 feet. Oil Recovery Ventures, LLC personnel have completed the first phase of the PetroLuxus(TM) MMMF treatment protocols. The company will monitor production activity at the wells to continue treatment protocols as warranted.
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(TM) MMMF was specifically blended for the EOR industry. A PetroLuxus(TM) 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(TM) 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.
