Houston, Texas (PRWEB) April 12, 2015 -- ProOne Inc., announces today that the company has introduced CoilProTM Pipe on Pipe Treatment, a new product specifically for coiled tubing, after impressive field tests over the past year with leading completion services companies.
Formulated with ProOne’s proprietary XPL+® lubrication technology, CoilPro has a film strength that can withstand more than 200,000 psi of metal-to-metal pressure and can tolerate high heat up to 500 degrees F. CoilPro reduces the pipe on pipe friction between the coiled tubing and the casing, increasing the rate of penetration and helping drill all the frac-plugs.
“We previously used another lube but I’ve never seen a POP perform like this. We cleared all the plugs and it made a huge difference to our bottom line,” said a 25-year veteran for a major completions services company who has used CoilPro on a number of jobs in the Bakken. The lead operator for the coil tubing unit echoed the same conclusion, saying that he has not seen any Pipe on Pipe work as well as CoilPro.
In another well the hole was badly deviated with 4 remaining plugs which could not be milled due to excessive drag and insufficient WOB (weight on bit). After using CoilPro the company was able to quickly mill them all, and has successfully been able to TD 15 subsequent wells since then.
In one field test, all 42 plugs were milled out, and it took only 30 minutes each way to trip in and out of the well. In a control well which did not use CoilPro, they were able to only get 38 of the 42 plugs and it took three times as long to trip in and out of the hole. Not being able to mill 4 plugs means they lost almost 10% of the production zone they had drilled, cased, perforated and fracked.
“Milling all the plugs is worth millions of dollars in production,” said Don Barnes, Executive VP of Sales for ProOne. “For example, removing all but 3 of 15 plugs would result in approximately 20% loss in production. For a 500 barrel per day well, 20% represents 36,000 barrels annually which at $50 per barrel is $1.8 million.”
CoilPro is fully water dispersible and may be added via a hopper directly into the active system or through pre-mixing. The product is available in 5-gallon pails and 275-gallon totes.
About ProOne:
Based in Houston, Texas and Orange County, California, ProOne, Inc. (ProOne), the operating division of ProOne Holdings, Inc., is in the business of developing and marketing high-performance, cost-effective lubricants and fuel products for the oil and gas industry and commercial and industrial customers. ProOne has developed proprietary breakthrough lubrication technology with applications for oil drilling, manufacturing, mining and transportation. The product line includes biodegradable downhole drilling fluid treatments and lubricants, greases, cutting oils, spray lubricants, engine, transmission & hydraulic treatments, and fuel additives that have been tested and certified by leading testing laboratories and proven in the real world. For additional information on ProOne visit http://www.pro1energy.com
Statements contained in this news release, aside from those identifying historical facts, are 'forward looking statements' within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions as contained in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relating to the Company's future expectations, including but not limited to revenues and earnings, technology efficacy, strategies and plans, are subject to safe harbors protection. Actual company results and performance may be materially different from any future results, performance, strategies, plans, or achievements that may be expressed or implied by any such forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements.
Contact:
Corporate: Lawrence Kahn, COO
ProOne, Inc.
Texas: (832) 516-6700 California: (714) 327-0262
Email: LKahn(at)pro-one(dot)us
Lawrence Kahn, ProOne Inc., http://www.pro1energy.com, +1 714-327-0262 Ext: 1003, [email protected]
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