As the Company now moves into a revenue sharing phase from other treated wells, we believe we will be able to enjoy reoccurring revenue for the foreseeable future.
Houston, TX (PRWEB) October 14, 2013
Propell Technologies is pleased to report 6-month results from the first well that was treated with the company’s proprietary plasma pulse technology in the Tulsa, Oklahoma area.
Cottonwood #9-11 located in Creek County, Oklahoma was drilled to a depth of 2667 feet in December 1967 in the Redfork Sandstone formation with initial production of 35 barrels of oil per day (BOPD). For the several years prior to treatment the well had been approximately a one or two BOPD producer.
The plasma pulse treatment was performed on March 28, 2013. Immediately before treatment the well was barrel tested showing 1.4 barrels of oil per day. Thirty days after the plasma pulse treatment, a barrel test showed Cottonwood #9-11’s production had jumped to 5.5 BOPD where it had held fairly steady with a substantial increase in production.
On October 4, 2013, six months after treatment the well was barrel tested showing a rate of eight (8) BOPD, an increase of 408%. The well was barrel tested again on October 10, 2013 and showed an even higher rate.
"Although barrel tests can vary and only show production at a given moment when performed, we obviously couldn’t be any more satisfied with these longer-term results.” said Mr. John Huemoeller II, Propell’s President and CEO. “As the Company now moves into a revenue sharing phase from other treated wells, we believe we will be able to enjoy reoccurring revenue for the foreseeable future.”
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