Planet Resource Recovery, Inc. Receives Purchase Orders to Treat 26 Oil Wells with PetroLuxus(TM) Products
July 08 2008 - 7:00AM
Business Wire
Planet Resource Recovery, Inc. (PINK SHEETS: PRRY), is pleased to
announce that the company has received purchase orders to treat
twenty six oil wells in the United States. The oil wells to be
treated are located in Utah, Colorado and Texas. The depths and
formations of these wells vary and hence will be treated with
PetroLuxus� MMMF and PetroLuxus� WC-100. Introduction of
PetroLuxus� into the wells commenced on July 3rd and will continue
over the next several weeks. To date, oil wells treated with
PetroLuxus� MMMF and PetroLuxus� WC-100 have shown significant
increases in oil and fluid production, less equipment downtime and
improved equipment efficiencies resulting in increased oil
production. The successful treatments in the Austin Chalk formation
are encouraging to operators in less difficult formations where
porosity and permeability are more readily inherent. These new
treatments represent three new formation types. 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.� About Planet Resource Recovery, Inc.
Planet Resource Recovery, Inc. is the developer, manufacturer and
marketer of the PetroLuxus(TM) family of products, a proprietary
environmentally friendly chemical compound that dislodges oil in
practically all natural and man-made environments. The
PetroLuxus(TM) family of products are effective and efficient
solutions for the remediation and recovery of petroleum-based
products. PetroLuxus(TM) applications include Enhanced Oil
Recovery, Oil Sands, oil spills, oil tank farm cleaning, marine
ship cleaning, remediation of oil sludge pits, treatment of raw
fuel feedstocks, waste oil segregation and biodiesel, to name a
few. Through the acquisition and formation of wholly owned
subsidiaries, Planet Resource Recovery, Inc. deploys the
PetroLuxus(TM) products. Oil Recovery Ventures, Inc. deploys
PetroLuxus(TM) through joint ventures in the Enhanced Oil Recovery
market. For an audio/visual demonstration of PetroLuxus(TM), visit:
http://www.planetresource.net/index-21.html For more information,
visit: http://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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