“This adds additional, immediate and recurring revenue to the Company and we have many other wells getting ready for us to treat with our technology.”
Houston, Texas (PRWEB) October 08, 2013
Propell Technologies Group, Inc (OTCQB: PROP) is pleased to report initial results from the second well treated in the Tulsa, Oklahoma area that is part of the company’s Oil Services Revenue Sharing Agreement (OSRSA) with a private oil company to treat up to 10 wells wherein the company will share in 49% of the increased oil production revenues.
The treatment was performed on September 28th on Cottonwood Well #9-5 located in Creek County, Oklahoma. The well was placed back into production on October 5th with a substantial increase in oil production. The well is now producing 44 Barrels of Oil Per Day (BOPD).
The company used the same re-work/treatment plan as they did on Cottonwood Well #13-6, re-perforating 10 feet in the Red Fork sandstone formation and then treating the well with its proprietary plasma pulse technology instead of fracking the well.
Cottonwood Well #9-5 was drilled in 1957 and had initial production of 153 BOPD on a 22/64 choke. For the last five years the well had been shut-in due to mechanical problems and was not in production.
The Company has 8 other wells in its Oil Services Revenue Sharing Agreement to treat that are in the same Red Fork Sandstone formation on the Cottonwood Lease. Many of the wells have been shut in for a number of years and are among what were the biggest producers in the field when they initially produced. Additionally, there are 60 other wells on the Cottonwood Lease that are treatable and thousands of other wells in the same Red Fork formation in Oklahoma.
"It’s really exciting to be able to take an old well that wasn’t producing, re-work it, treat it with our plasma pulse and put it on pump with such amazing success.,” said Mr. John Huemoeller II, Propell’s President and CEO. “This adds additional, immediate and recurring revenue to the Company and we have many other wells getting ready for us to treat with our technology.”
About Propell Technologies, OTC Markets: PROP. – through its wholly owned subsidiary Novas Energy USA, Propell is the exclusive licensee of patented “Plasma Pulse” technology in the United States, which has been shown to significantly improve existing well recovery and production volumes. For more information, visit http://www.propell.com or call 713-227-0480, 1701 Commerce Street, Houston, Texas 77002.
SAFE HARBOR STATEMENT
This news release contains forward-looking statements within the meaning of the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are often identified by the words "believe," "anticipate," "expect," "intend," "estimate," and similar expressions. All statements in this document regarding the future outlook related to Novas Energy USA and Propell are forward-looking statements, including but not limited to the initial results from the treated wells and the timing and release of future data. Such statements are based on the current expectations, beliefs, estimates and projections of management and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements including the risk that the future data will not be as favorable as the initial results. Additional uncertainties and risks are described in our most recently filed SEC documents, such as our most recent annual report on Form 10-K and quarterly report on Form 10-Q. For a more detailed discussion of factors that affect Propell's operations, please refer to the Company's Securities and Exchange Commission filings. Copies of this filing are available through the SEC website at http://www.sec.gov. All forward-looking statements are based upon information available to us on the date hereof. Propell undertakes no obligation to update this forward-looking information