Propell Technologies Delivers on Contracts for 6 Well Treatments in California
New U.S. Made Plasma Pulse Tool Put to the Test
HOUSTON, TX -- (Marketwired) -- 10/15/14 -- Propell Technologies Group (OTCQB: PROP), the exclusive U.S. licensee of a plasma pulse technology for enhanced oil recovery (EOR) announced it has treated six wells in California including one with the Company's new U.S. made, 3.5 inch tool.
The Company treated five wells in the Bakersfield area, two injectors and three producers, and one injector well in Los Angeles County.
Of the 2 remaining wells as discussed in last announcement, one was canceled by the operator for well integrity reasons. One more well remains to be treated and the company awaits scheduling from the operator.
Propell's Plasma Pulse technology is an easy to deploy wireline treatment designed to clear near wellbore damage due to skin damage, scale, migrating sands/fines or formation damage due to the invasion of fluids or drilling muds by unblocking the perforations and the near wellbore zone with electrically generated plasma impulses.
"While the operators continue to evaluate the wells, we are pleased with the revenue and our growing sales pipeline," commented John Huemoeller II, president and CEO. "The new tool was easy to operate and the treatments were delivered smoothly according to plan."
ABOUT PROPELL TECHNOLOGIES GROUP
Propell Technologies Group, Inc. (http://www.propell.com/), through its wholly owned subsidiary Novas Energy USA, is the exclusive U.S licensee of the Plasma Pulse enhanced oil recovery (EOR) well treatment designed to improve production cost effectively and without acidization, hydrofracking or other chemicals. It develops and commercializes treatment and stimulation of oil wells to improve production and enhance the recovery of oil and gas in existing wells.
This press release includes forward-looking statements of our current expectations and projections about future events. 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 our belief that our Plasma Pulse treatment will be among the highest value options for operators seeking injector well treatments, accelerating our sales efforts in this market and the results derived from use of our technology. 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, our ability to establish our Plasma Pulse treatment as a high value option for operators seeking injector well treatments, accelerating our sales efforts in this market and the results derived from use of our technology, secure additional financings on attractive terms, to help fuel our growth and operations and the other factors described in our on Form 10-K for the year ended December 31, 2013, and any other filings we may make with the SEC. The information in this press release is provided only as of the date written, and we undertake 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
+1 (713) 766-5546
Source: Propell Technologies Group, Inc.