ACT Clean Technologies, Inc. (Pinksheets:ACLH - News) (http://www.actcleantech.com/) announced today that it has completed a Letter of Intent to enter into a Joint Venture with Weekley Energy Group I, LP and its General Partner, Left Behind Recovery, LLC, to utilize ACT's oil sludge fluidizer to work-over and recondition two (2) wells in the Austin Chalk formation in the State of Texas. The agreement, once finalized, will provide an ongoing working interest in the wells for ACT, if the work-over and reconditioning efforts are successful, and the opportunity to continue the joint venture relationship for additional wells.
"Preliminary indications are that this is an excellent use of our oil sludge fluidizer to enhance recovery of marketable hydrocarbons, further expanding our market, and opening the door to opportunities throughout the oil patch," commented ACT Clean Technologies, Inc. CEO, Russell Kidder.
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