Propell Technologies' Plasma Pulse Well Treatment Awarded U.S. Patent
HOUSTON, TX -- (Marketwired) -- 11/03/15 -- Propell Technologies Group, Inc. (OTCQB: PROP) (the "Company"), today announced the issuance to Novas Energy Group Limited, the licensors to the Company of the Plasma Pulse Technology oil well treatment, of a U.S. patent that covers its application in well stimulation.
U.S. Patent number 9,181,788 applies to a PLASMA SOURCE FOR GENERATING NONLINEAR, WIDE-BAND, PERIODIC, DIRECTED, ELASTIC OSCILLATIONS AND A SYSTEM AND METHOD FOR STIMULATING WELLS, DEPOSITS AND BOREHOLES USING THE PLASMA SOURCE.
"This issuance of our first patent provides the Company a claim in connection with the use of Plasma Pulse to treat wells to improve their production." commented CEO John Huemoeller II. "It should further protect and enhance our efforts to expand Plasma Pulse treatments to the North America marketplace through our new up and running sales joint venture, Novas Energy North America (NEMA)."
ABOUT PROPELL TECHNOLOGIES GROUP
Propell Technologies Group (http://www.propell.com/), through its joint venture, Novas Energy North America (NEMA) www.novasenergy.com sells and services a patented oil well treatment, which is designed to improve well production cost effectively and without acidization, hydrofracking or other chemicals. Plasma Pulse Technology uses impulse waves created by a down-hole plasma arc to clear near well bore damage and restore flow into the shaft and through to the surface.
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 the expected protection derived from the patent. 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 adequately protect our intellectual property, our ability to find suitable acquisitions, fuel our growth, effectively operate the JV and the other factors described in our on Form 10-K for the year ended December 31, 2014, 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.
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Source: Propell Technologies Group Inc.