HOUSTON, Feb. 19, 2014 /PRNewswire/ - Well Power, Inc.
(OTCQB:WPWR),- (The Company), is pleased to provide a corporate
update on the business development of the Company. Well Power
Inc. entered into an exclusive licensing agreement for the state of
Texas (the "Agreement"), effective
January 22, 2014, for proprietary
technology, with applications in the oil and gas sector, which the
Company hopes will create revenues streams for producers and
operators by processing wasted natural gas into valued Engineered
FuelsTM and Clean Power.
Dr. Cristian
Neagoe was appointed as CEO and Director by the board of
directors of the Company on January 9,
2014 and subsequently Dan
Patience was ratified as President and Director on
February 13, 2014.
With this strong management team in place the
Company has commenced the business of developing and providing its
technology as a solution for flaring, venting and shut-in waste gas
in the state of Texas. The
initial stage of the implementation of this technology is to seek
partnerships with active oil and gas operators to understand their
unique wasted gas characteristics. Through these partnerships
the Company plans to work towards the deployment of a
Micro-Refinery Unit ("MRU") pilot project in accordance to its
development schedule as disclosed in the Company's public
filings.
The current regulatory environment towards
flaring is increasingly restrictive and should provide the Company
an opportunity to provide its technology as a solution to the oil
and gas industry in Texas.
"The Company's timing is excellent as it enters
a market which is facing a crack down on the flaring of wells by
the oil and gas drillers by the Railroad Commission of Texas, which is the regulatory body which
oversees the oil and gas industry in the state," states
Dan Patience, president of the
Company. For example, as outlined by www.oilprice.com, earlier this
month the Texas Railroad Commissioner Christi Craddick sent letters to oil and gas
drillers to warn them about running afoul of the state's rules on
flaring natural gas.
The Commission's Statewide Rule 32 allows
operators in Texas to flare gas
while they are drilling, and up to 10 days after well
completion. Typically, no pipeline infrastructure is in place
upon well completion and the Commission may issue flaring permits
for 45 days at a time, with up to three extensions for a maximum
limit of 180 days. To obtain an extension companies must show
progress toward "establishing the necessary infrastructure to
produce gas rather than flaring it." With infrastructure
construction not keeping pace with well completions, total flaring
permits approved statewide by the Commission have increased 53% in
2013 from 2012.
Well Power Inc. will also seek to expand its
licensed territory for the MRU, in accordance with the rights
provided to the Company in the Agreement, to those states where
environmentally harmful flaring exists and operators require an
economic solution for their wasted gas. In certain states
economic incentives are present, such as in North Dakota, where a tax exemption (ND H
1134) is provided for oil and gas wells where gas is collected at
the well site by a system that intakes at least seventy-five
percent of otherwise flared gas from the well for beneficial
consumption, including conversion to liquid fuels and for
electrical power.
To proceed with the Company's development
objective of implementing a pilot project, the Company must first
obtain funding for working capital and general and administrative
expenses.
For more information on our Company, management
and our technology please visit our new corporate website at
www.wellpowerinc.com
About Well Power, Inc. (the "Company")
The Company has acquired an exclusive license from ME Resource
Corp., a Canadian publicly listed company that is developing mobile
and scalable Wellhead Micro-Refinery Units (MRUs) deployable close
to the wellhead to process raw natural gas into liquid fuels and
clean power. As a result of the License Agreement, the Company is
now a development stage company seeking to commence the new
business of distributing MRUs in the State of Texas and from there into other
geographical areas.
The Company is looking to position itself as a technology
company, which will provide oil and gas producers and operators a
solution to process otherwise wasted natural gas, including
stranded, shut-in, flared and vented gas and produce valued
end-products including Engineered FuelTM (diesel,
diluents, synthetic crude) and electrical power.
For more information about the Company please visit our website
at www.wellpowerinc.com
Further information on the Company and its filings can be found
at www.sec.gov
Forward Looking Statements
Some information in this document constitutes forward-looking
statements or statements which may be deemed or construed to be
forward-looking statements, such as the closing of the share
exchange agreement. The words "plan", "forecast",
"anticipates", "estimate", "project", "intend", "expect", "should",
"believe", and similar expressions are intended to identify
forward-looking statements. These forward-looking statements
involve, and are subject to known and unknown risks, uncertainties
and other factors which could cause the Company's actual results,
performance (financial or operating) or achievements to differ from
the future results, performance (financial or operating) or
achievements expressed or implied by such forward-looking
statements. The risks, uncertainties and other factors are
more fully discussed in the Company's filings with the U.S.
Securities and Exchange Commission. All forward-looking
statements attributable to Well Power, Inc., herein are expressly
qualified in their entirety by the above-mentioned cautionary
statement. Well Power, Inc., disclaims any obligation to
update forward-looking statements contained in this estimate,
except as may be required by law.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such
jurisdiction.
SOURCE Wellpower inc.