HOUSTON, TX--(NewMediaWire - Aug 10, 2016) - Propell
Technologies Group (OTCQB: PROP) (the "Company"), a U.S. provider of
enhanced oil recovery technology, announced today that it will
begin a program to treat 15 wells for Pemex, Mexico's state-owned
petroleum company (PetrĂ³leos Mexicanos) through the Company's
partner in Mexico, Pozotech/Grupo Industrial RJP.
The Company intends to use its proprietary 3.5 inch, Gen 2
Plasma Pulse (PPT) tools to treat the 15 wells and expects to
commence treatment of the first well in late August with the
program running through December 2016.
Propell CEO C. Brian Boutte stated, "We're excited to move
forward with Pemex and have recently completed maintenance and
operational training on the Gen 2 tools for the engineering
personnel of Pozotech/Grupo Industrial RJP." He added, "We expect
that this initial well treatment program should net approximately
$375,000 for the Company."
ABOUT PROPELL TECHNOLOGIES
Propell Technologies Group, Inc. (OTCQB: PROP) is an oil exploitation and production
acquisition company which intends to build and grow a base of
producing assets by leveraging M&A and operational expertise,
and by using advanced technology, including the Plasma Pulse
technology. Its plan is to further benefit from a corresponding
development of untapped hydrocarbon reserves once oil supply/demand
rebalances and prices rebound. http://propell.com/
SAFE HARBOR
This press release contains forward-looking statements of our
current expectations and projections about future events within the
meaning of the Private Securities Litigation Reform Act of
1995. 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 commencing treatments
of the first well with Gen2 PPT tools in August 2016, the program
running through December 2016, netting $25,000/well for a total of
$375,000, our intent to build and grow a base of producing assets
by leveraging M&A and operational expertise, and by using
advanced technology, including a Plasma Pulse well treatment and
our plan to further benefit from a corresponding development of
untapped hydrocarbon reserves once oil supply/demand rebalances and
prices rebound.. 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 commence and
continue the test program for Pemex as scheduled, our ability to
net $25,000 for each treated well and $375,000 through December
2016 in total, our ability to find and complete suitable
acquisitions, our ability to successfully benefit from an oil
supply/demand price rebound and the timing of any price rebalances
and the other factors described in our Form 10-K for the year ended
December 31, 2015, and our other filings with the SEC, including
subsequent periodic reports on Forms 10-Q and 8-K. 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.