Propell Treats Pivotal Test Well and Takes Commercial Delivery of Next Gen Plasma Pulse Tool Sets
Caps 2-Year Technology Initiative to Expand Commercial Capacity
HOUSTON, TX -- (Marketwired) -- 04/04/16 -- Propell Technologies Group (OTCQB: PROP) (the "Company"), U.S. provider of a plasma pulse based enhanced oil recovery technology, has treated an important test well in Oklahoma and has accepted the first commercial delivery of 7 next generation tools. The delivery follows the order placed with the U.S. based manufacturer announced in June 2015.
Improvements include a 3.5" tool diameter that will fit most 4.5" diameter cased wells, real time surface readout capability, a down hole plasma pulse detection sensor, a more powerful output pulse, low erosion electrodes, a faster pulse delivery mechanism and full compatibility with single wireline cable configurations which comprise the bulk of the US cased hole wireline service truck fleet.
The tool enhancements are intended to provide greater ease of use, higher treatment success and lower treatment costs.
The test treatment occurred in an Oklahoma oil well, delivering nearly 800 plasma impulses consistently on a single deployment into the well. "This commercial delivery completes a 2-year effort to create a lighter, easier to use and more powerful plasma pulse tool," commented CEO C. Brian Boutte. "We're excited about the expanded capacity this tool is expected to provide our commercial sales efforts."
ABOUT PROPELL TECHNOLOGIES
Propell Technologies Group, Inc. (OTCQB: PROP) is an oil exploitation and production acquisition company which intends to build and grow a base of producing assets by leveraging M&A and operational expertise, and by using advanced technology, including a Plasma Pulse well treatment which uses no acidization, hydrofracking or other chemicals. Its plan is to further benefit from a corresponding development of untapped hydrocarbon reserves once oil supply/demand rebalances and prices rebound. www.propell.com
This press release contains forward-looking statements of our current expectations and projections about future events within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases forward-looking statements can be identified by terminology such as "may," "should," "potential," "continue," "expects," "anticipates," "intends," "plans," "believes," and similar expressions. These statements are based upon current beliefs, expectations and assumptions and are subject to a number of risks and uncertainties, many of which are difficult to predict and include statements regarding the . intended benefits of the tool enhancements, the expanded capacity the tool is expected to provide our commercial sales efforts, Propell's intent to build and grow a base of producing assets by leveraging M&A and operational expertise, and by using advanced technology, including a Plasma Pulse well treatment and Propell's plan to further benefit from a corresponding development of untapped hydrocarbon reserves once oil supply/demand rebalances and prices rebound.. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from those reflected in our forward-looking statements include, among others, Propell's ability to find suitable acquisitions, Propell's ability to successfully utilize the enhancements to provide expanded capacity and lead to an increase in customers and the other factors described in our Form 10-K for the year ended December 31, 2015, and Propell's other filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this press release is provided only as of the date written, and Propell undertakes no obligation to update any forward-looking statements contained in this press release on account of new information, future events, or otherwise, except as required by law.
Propell Technologies Group, Inc.
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Source: Propell Technologies Group, Inc.