ACT Clean Technologies, Inc. Signs Contract With Texas Oil Group to Use Oil Well Enhancement Fluid in Water Flood Project in Aus
June 28 2010 - 6:00AM
Marketwired
ACT Clean Technologies, Inc. (PINKSHEETS: ACLH) announced today
that it has entered into a Joint Venture Agreement, whereby ACT's
wholly owned subsidiary, American Petroleum Solutions, Inc. (APS),
will supply its Oil Well Enhancement Fluid for a new water flood
project in Texas. Terms of the agreement were not disclosed;
however, APS will be paid for its fluids and labor and ACT will
retain an interest in each well as reworking is completed.
William Anderson, President of American Petroleum Solutions,
Inc., stated, "We are excited about the opportunity that the joint
venture partners, including Weekley Energy Group I, LP and its
General Partner, Left Behind Recovery LLC, are giving us. They will
be using our fluids in the water flood process with the intent of
providing increased oil production over a longer period of time.
Results of the project will be announced when the reworking of the
first set of wells is completed."
Glenn Andrews, President of Left Behind Recovery LLC, said,
"Most wells in the area and formation that we will be water
flooding will produce from eight to ten barrels a day and drop off
from that over the next eighteen months and, then, we go through
the same process again. We are always seeking new improved
technologies with the hope of increasing production. We believe
that the Oil Well Enhancement Fluid provided by American Petroleum
Solutions, Inc., and ACT Clean Technologies, Inc., will increase
our daily production and extend production for a longer period of
time. Even though APS fluids are not new to the task of cleaning up
hard surfaces, oil tanks, oil spills, etc., their use in an oil
field water flood project is a potential innovation in the effort
to expand production of existing, domestic oil wells. We look
forward to working with APS and ACT now and in the future."
About ACT Clean Technologies, Inc.
ACT Clean Technologies, Inc., and its wholly owned subsidiary,
American Petroleum Solutions, Inc. (APS), are committed to a safer
environment through cleaner technologies, as well as to more
profitable methods of oil recovery and production from existing oil
wells, oil sands, and other petroleum reserves. Previous users of
the APS oil fluidizer technologies have included some of the
largest oil and gas companies in the US, including Conoco Phillips
Company, Exxon Mobil Corporation, Valero Energy Corporation, and BP
(British Petroleum), as well as the US Navy Petroleum Reserve.
Forward-Looking Statements
This release contains "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
and such forward-looking statements are made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. "Forward-looking statements" describe future expectations,
plans, results, or strategies and are generally preceded by words
such as "may," "future," "plan" or "planned," "will" or "should,"
"expected," "anticipates," "draft," "eventually" or "projected."
You are cautioned that such statements are subject to a multitude
or risks and uncertainties that could cause future circumstances,
events, or results to differ materially from those projected in the
forward-looking statements, including the risks that actual results
may differ materially from those projected in the forward-looking
statements as a result of various factors, and other risks
identified in a disclosure made by the Company.
ACT Clean Technologies, Inc. Ares S. Ionidis Director of
Shareholder Relations 877-299-5596 Email Contact