This is significant, good news on the water flood project could increase the overall value of the company.
Planet Resource Recovery Sells PetroLuxus™ WC
To Hinto Energy, Inc for Waterflood project
HOUSTON - September 30, 2013 - Planet Resource Recovery, Inc. (PINK SHEETS: PRRY) is pleased to announce that it has sold PetroLuxus™ WC to Denver-based Hinto Energy, Inc. (OTCQB: HENI) for its first commercial waterflood project. A waterflood is a form of secondary recovery whereby water is pumped into the oil reservoir to force out additional oil that has ceased to flow under its own pressure. The addition of PetroLuxus WC to the injected water will stimulate increased initial and ultimate oil recovered by reducing surface tension and improving oil flow characteristics through the formation.
Hinto recently acquired the operating rights to approximately 520 acres located in Montana that will be water flooded to produce additional oil. The field's water injection well has just passed a mechanical integrity inspection administered by a state inspector and oil production is set to begin in October.
George E. Harris, CEO of Hinto Energy, commented, "We are pleased to begin operating this new field and believe that the addition of PetroLuxus WC will increase the total amount of oil that is recoverable and our ultimate return on investment. In addition, we are excited about other beneficial effects of PetroLuxus WC, such as reduced metal corrosion, remediation of handling issues related to paraffin and asphaltenes, reduced water injection pressure, as well as more efficient separation of oil from water."
Enrique Salinas, President/CEO of Planet Resource, stated, "We have always believed that PetroLuxus™ WC is ideally suited as an additive to be used to enhance production from oil fields that are waterflooded. This opportunity to work with Hinto Energy will enable us to demonstrate the increased value resulting from the use of PetroLuxus WC in waterflood oil recovery. We look forward to getting the results over the next several months."
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