Propell Technologies Group, Inc Updates on Mexico Strategy
First Plasma Pulse treatment of PEMEX well pilot program completed
Houston, TX (PRWEB) April 08, 2015
Propell Technologies Group, Inc (OTCQB:PROP) the U.S. and Mexico provider of a plasma pulse based well treatment today announced treatment of its first oil well in Mexico for Petroleos Mexicanos (PEMEX).
This treatment was the culmination of a Unilateral Proposal by Novas Energy USA and its Joint Venture partner, Grupo Industrial RJP, SA de CV (Grupo Industrial) to treat certain Pemex operated wells as part of a strategic alliance to market and sell Plasma Pulse oil recovery treatments in the United Mexican States.
The first treatment met all safety guidelines and was completed on schedule without incident.
The Company expects to receive results from the operator at which time it will be decided how to expand the program.
Mexico is the 7th largest oil producing nation in the world.
Mexican law requires that Pemex conduct business on its wells with approved vendors. The composition of these partnerships must include a percentage of Mexican ownership.
“We are looking forward to providing the technology necessary to enhance oil production in Mexico”, commented Pablo Avila Sanchez, General Director for Grupo Industrial. “ Our company has the disciplined approach necessary to execute a treatment plan and provide measurable results to PEMEX.”
John A. Zotos, Director of Business Development for Propell Technologies in Mexico states “We could not be more pleased to partner with Grupo Industrial and become a part of the historic Energy Reform in Mexico. The opportunity to introduce Plasma Pulse technology to PEMEX, Mexico’s sole producer of crude oil and natural gas is a high honor.”
“Mexico is the third largest producer of oil in the Western Hemisphere and a place where we offer strong competitive value,” commented John Huemoeller II, Propell president and CEO. “We have every confidence in Grupo Industrial and its management to be a great partner as we roll out the treatment business in the region.”
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 that improves well production cost effectively and without acidization, hydrofracking or other chemicals. It develops and commercializes treatment and stimulation of oil wells to meaningfully 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 continued positive 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
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