Clearly the size of the injector well market segment alone, just in California provides the Company with a large market opportunity and we are accelerating our sales efforts in this market.
Houston, TX (PRWEB) September 25, 2014
Propell Technologies Group (OTCQB:PROP), the exclusive U.S. licensee of a plasma pulse technology for enhanced oil recovery (EOR) announced that it has treated its first injector wells in California.
The Company currently has a backlog of six additional producers and injector wells to treat in California for major operators over the next couple of weeks.
In general, oil field water injection systems, whether for disposal or for water flooding get plugged up or damaged at the perforated or injection intervals and in the near well bore zone, which limits and sometimes blocks fluid entry. Injection well treatment alternatives have historically included the use of acidization or chemical treatments, which are now being increasingly regulated and restricted with recently passed legislation in California that will require permitting for well chemical treatments.
Propell’s Plasma Pulse technology is an easy to deploy wireline intervention treatment that is designed to clear the near wellbore damage by opening up the perforations and near wellbore zone with electrically generated plasma impulses. With injection well treatments, success is measured by the volume of fluids injected into underground reservoirs. By clearing scale and sediments from the perforation zones in such wells, Plasma Pulse is designed to increase fluid uptake and reduce pressure required to inject fluids.
There are 151,000 Class II injection wells in the U.S. according to the EPA, which regulates injection wells in the U.S. and there are 42,000 in California. Propell believes such increasing restrictions will drive demand for Plasma Pulse treatments and make it a higher value option for well operators, especially in California.
“We were able to see a noticeable drop in fluid levels on these first injectors during treatment and believe our Plasma Pulse treatment will be among the highest value options for operators seeking injector well treatments,” commented John Huemoeller II, president and CEO. “Clearly the size of the injector well market segment alone, just in California provides the Company with a large market opportunity and we are accelerating our sales efforts in this market.”
ABOUT PROPELL TECHNOLOGIES GROUP
Propell Technologies Group, Inc. (http://www.propell.com/), through its wholly owned subsidiary Novas Energy USA, is the exclusive U.S licensee of the Plasma Pulse enhanced oil recovery (EOR) well treatment that improves production cost effectively and without acidization, hydrofracking or other chemicals. It develops and commercializes treatment and stimulation of oil wells to meaningfully improve production and enhance the recovery of oil and gas in existing wells.
This press release includes forward-looking statements of our current expectations and projections about future events. In some cases forward-looking statements can be identified by terminology such as “may," “should," “potential," “continue," “expects," “anticipates," “intends," “plans," “believes," and similar expressions. These statements are based upon current beliefs, expectations and assumptions and are subject to a number of risks and uncertainties, many of which are difficult to predict and include statements regarding our belief that our Plasma Pulse treatment will be among the highest value options for operators seeking injector well treatments, accelerating our sales efforts in this market and the results derived from use of our technology. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from those reflected in our forward-looking statements include, among others, our ability to establish our Plasma Pulse treatment as a high value option for operators seeking injector well treatments, accelerating our sales efforts in this market and the results derived from use of our technology, secure additional financings on attractive terms, to help fuel our growth and operations and the other factors described in our on Form 10-K for the year ended December 31, 2013, and any other filings we may make with the SEC. The information in this press release is provided only as of the date written, and we undertake no obligation to update any forward-looking statements contained in this press release on account of new information, future events, or otherwise, except as required by law.