ACT Clean Technologies, Inc. (PINKSHEETS: ACLH) announced today that it has entered into a Joint Venture Agreement, whereby ACT's wholly owned subsidiary, American Petroleum Solutions, Inc. (APS), will supply its Oil Well Enhancement Fluid for a new water flood project in Texas. Terms of the agreement were not disclosed; however, APS will be paid for its fluids and labor and ACT will retain an interest in each well as reworking is completed.
William Anderson, President of American Petroleum Solutions, Inc., stated, "We are excited about the opportunity that the joint venture partners, including Weekley Energy Group I, LP and its General Partner, Left Behind Recovery LLC, are giving us. They will be using our fluids in the water flood process with the intent of providing increased oil production over a longer period of time. Results of the project will be announced when the reworking of the first set of wells is completed."
Glenn Andrews, President of Left Behind Recovery LLC, said, "Most wells in the area and formation that we will be water flooding will produce from eight to ten barrels a day and drop off from that over the next eighteen months and, then, we go through the same process again. We are always seeking new improved technologies with the hope of increasing production. We believe that the Oil Well Enhancement Fluid provided by American Petroleum Solutions, Inc., and ACT Clean Technologies, Inc., will increase our daily production and extend production for a longer period of time. Even though APS fluids are not new to the task of cleaning up hard surfaces, oil tanks, oil spills, etc., their use in an oil field water flood project is a potential innovation in the effort to expand production of existing, domestic oil wells. We look forward to working with APS and ACT now and in the future."
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