Planet Resource Recovery, Inc. Develops PetroLuxus(TM) MMMF for Enhanced Oil Recovery
June 27 2007 - 11:12AM
Business Wire
Planet Resource Recovery, Inc. (Pink Sheets:PRRY), developer,
manufacturer and marketer of the PetroLuxus� family of products,
announced today that the company has developed a new derivation of
PetroLuxus� for the Enhanced Oil Recovery (EOR) market. PetroLuxus�
MMMF is specifically blended for the treatment of low yield
production oil wells to extract existing oil in place. The US
Department of Energy�s Office of Fossil Energy estimates that �more
than 60% of all known oil reserves in the United States remain
untapped because of difficulties in extraction from the ground.�
These huge untapped oil supplies are difficult to extract due to
the oil held in place by molecular forces of cohesion and adhesion.
Technologies to increase extraction of oil held in place are known
as the Enhanced Oil Recovery (EOR) industry. The EOR industry aims
to increase extraction in marginal wells where oil production has
slowed to 15 barrels a day or less. According to The Office of
Fossil Energy, "There are nearly 500,000 of these wells in the US,
and together they produce about the same amount of oil as America
imports from Saudi Arabia." PetroLuxus� MMMF was specifically
blended for the EOR industry. A PetroLuxus� MMMF treatment in a
downhole application eliminates the interfacial surface tension
between oil and all matter it contacts including sand, clay, rock,
shale, etc. The elimination of surface tension permits the oil to
separate for an economically viable extraction. PetroLuxus� MMMF
will be available exclusively to the EOR market through Oil
Recovery Ventures, LLC on a revenue share platform based on
increased production of marginal wells. Oil Recovery Ventures, LLC
is in negotiations to commence field tests in the near future.
About Planet Resource Recovery, Inc. Planet Resource Recovery, Inc.
is an innovative PetroChemical/Oil Services company that has
developed a proprietary, environmentally-friendly chemical that
dislodges hydrocarbons in practically all-natural and man-made
environments. The company�s flagship product, PetroLuxus�, and its
derivative product lines have a strong affinity and rapid
dispersement qualities to break hydrocarbon chains on a molecular
level for cost-effective remediation and recovery of petroleum
products. The company�s prospective markets for remediation and
recovery include: oil tank farm cleaning, marine ship cleaning, oil
sludge pits, contaminated soil/oil spills, biodiesel, waste oil
segregation, heavy oil, tar sands, and Enhanced Oil Recovery, to
name a few. Planet Resource Recovery�s pilot manufacturing plant is
fully operational with PetroLuxus� ready for commercialization. For
an audio/visual demonstration of PetroLuxus�, click on the link
below. http://www.planetresource.net/test76u31b.htm For more
information please visit www.planetresource.net or
http://www.petroluxus.com "Safe Harbor" Statement: Certain
statements in this release are "forward-looking" statements as
defined in the Private Securities Litigation Reform Act of 1995.
Such statements are subject to numerous risks and uncertainties.
Actual results may vary significantly from the results expressed or
implied in such statements. Factors that could cause actual results
to materially differ from forward-looking statements include, but
are not limited to, the Company's ability to meet the terms and
conditions required to obtain its project financing, risks and
delays associated with product development, risk of market
acceptance of new products, risk of technology or product
obsolescence, competitive risks, reliance on development partners
and the need for additional capital.
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