Houston, TX (PRWEB) November 14, 2013
Propell Technologies Group, Inc is pleased to announce it has started to treat 10 wells in West Texas Permian Basin area near Abilene, Texas.
The Company treated one well yesterday with its exclusively licensed Plasma Pulse Technology, which has been proven to increase the production and the recovery of oil. The treatment was performed for a producer located in the Bluff Creek Sandstone formation about 40 miles from Abilene, TX. The well is being put back online today with initial results expected next week. Additionally the Company expects to treat two more wells in the same field today, including its first injector well in the United States.
The Company expects to treat 5 additional wells in Scurry County in the Clear Fork, San Andres and Glorrietta dolomite/limestone formations near the Snyder, Texas area. These treatments will include four producers and another injector. The producers include two multiple (10 and 7) stage pay zones and a shallow (1794 feet) open hole completion.
The last two wells of the 10 the company intends to treat with Plasma Pulse were just drilled in the Abilene area to a depth of approximately 1860 feet and are situated in the Flippin limestone formation. One well was completed with a frac with slick water and 155 sacks of sand and the other well has not been fractured.
“We are certainly looking forward to putting our technology to work in the Permian Basin, one of the most prolific oil producing zones in the United States. These treatments will hopefully give us more opportunities to be able to treat injectors, reworks and also new wells.,” said Mr. John Huemoeller II, Propell’s President and CEO.
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.