HOUSTON, TX, Feb. 24, 2014 /PRNewswire/ - Well Power, Inc.
(OTCQB:WPWR),- (The Company), is pleased to provide information
on the potential applications and market size for its licensed
Micro-Refinery Unit ("MRU") in the state of Texas. Well Power Inc. has an exclusive
license for the MRU which processes wasted and shut-in gas,
including natural gas which is otherwise flared. The process
is made economical by integrating commercially proven technology
with a novel single-vessel which combines the creation of synthesis
gas (syngas) with the Fisher Tropsch process.
According to the Rail Road Commission of Texas, the state regulatory body for the oil
and gas industry, there has been a significant increase in the
number of flaring permits issued by the Commission. In 2011,
651 permits were issued as compared to 3,012 in 2013. This is
a 462% increase over two years and corresponds with a dramatic
increase in drilling permits. It also indicates that the
rapid pace of drilling and well completions is outpacing the
capacity of industry to build infrastructure to capture and
transport associated gas, also referred to as casinghead gas.
A spokeswoman for the Texas Railroad Commission, Ramona Nye, says most of the flared gas in
Texas comes from oil wells, where
it is produced as a byproduct. While natural gas production
has slowed because of its low price, oil drilling has boomed in
Texas and across the country
in recent years.
The Eagle Ford Shale, an oil field 50 miles wide that stretches
400 miles along southeast Texas
has seen significant increases in production; made possible by a
drilling technique known as hydraulic fracturing. Oil production
from the Eagle Ford Shale has spiked from 352 barrels per
day in 2008 to 677,407 in 2013 (Jan. - November 2013, based on the Railroad Commission
of Texas Production Data Query System).
Well Power Inc's President Dan
Patience stated that "Significant amounts of usable gas, as
well as potential revenue, are simply going up in smoke. This
gas can be used on lease once processed into Engineered Fuels or
power. This would dramatically reduce harmful greenhouse gas
emissions, create revenue streams for excess product, and save
operators the cost of bringing in diesel or power."
Well sites are often in remote areas and have to rely on
electrical generators powered by big diesel engines. According to
exploration and production company Apache's website (Apache leads
way to new natural gas trend), the drilling industry nationwide
last year used 700 million gallons of diesel fuel to pump sand and
water during fracking operations. The industry could realize
significant savings by using this otherwise flared gas on
lease.
Dan Patience continued, "Well
Power Inc.'s MRU is the ideal solution to allow these wells to come
on-line faster. Pipeline infrasturucte is not keeping pace,
and its costing the industry a significant amount of money.
Not only will operators realize revenues faster, but they will be
helping the environment by not flaring this raw natural gas and
emitting these greenhouse gases. It a win-win".
About Well Power, Inc. (the "Company")
The Company has acquired an exclusive license from MEC, 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.