Planet Resource Recovery, Inc. Forms Oil Recovery Ventures, LLC to Deploy PetroLuxus(TM) in the Enhanced Oil Recovery Market
May 02 2007 - 8:09AM
Business Wire
Planet Resource Recovery, Inc. (Pink Sheets:PRRY), developer,
manufacturer and marketer of the PetroLuxus(TM) family of products,
is pleased to announce that the company has formed a wholly-owned
subsidiary, Oil Recovery Ventures, LLC in the State of Texas. Oil
Recovery Ventures, LLC was established to develop the technology
and protocols for deployment of the company�s proprietary chemical
formulation � PetroLuxus�. The unique characteristics of the
PetroLuxus� effect in oil bearing structures will provide an ideal
solution to the enhanced oil recovery market. According to the
Office of Fossil Energy of the US Department of Energy, "More than
60% of all known oil reserves in the United States remain untapped
because of difficulties in extraction from the ground." The
marginal well segment � wells that oil production has slowed to 15
barrels a day or less - the Office of Fossil Energy estimates,
�there are nearly 500,000 of these wells in the US, and together
they produce about the same amount of oil as America imports from
Saudi Arabia.� Due to extraction difficulties and high cost, many
marginal wells have been left to continued dwindling oil production
until no longer viable and plugged or abandoned. Oil Recovery
Ventures, LLC will utilize a specially blended PetroLuxus�
derivative for the enhanced oil recovery market that seeks out
hydrocarbons in-situ and eliminates the interfacial surface tension
between oil and all matter its in contact with including sand,
clay, rock and shale. The treatment dislodges the oil for a cost
effective extraction. Oil Recovery Ventures, LLC will develop
additional technologies and protocols for the enhanced oil recovery
markets. The venture is seeking venture partners to deploy the
technology. About Planet Resource Recovery, Inc. Planet Resource
Recovery, Inc. is an innovative PetroChemical/Oil Services company
that has developed a proprietary, environmentally-friendly chemical
that dislodges hydrocarbons in practically all-natural and man-made
environments. The company's flagship product, PetroLuxus(TM), and
its derivative product lines have a strong affinity and rapid
dispersement qualities to break hydrocarbon chains on a molecular
level for cost-effective remediation and recovery of petroleum
products. The company's prospective markets for remediation and
recovery include: oil tank farm cleaning, marine ship cleaning, oil
sludge pits, contaminated soil/oil spills, biodiesel, waste oil
segregation, heavy oil, tar sands, and Enhanced Oil Recovery, to
name a few. Planet Resource Recovery's pilot manufacturing plant is
fully operational with PetroLuxus(TM) ready for commercialization.
For an audio/visual demonstration of PetroLuxus(TM), click on the
link below. http://www.planetresource.net/test76u31b.htm For more
information please visit www.planetresource.net or
http://www.petroluxus.com "Safe Harbor" Statement: Certain
statements in this release are "forward-looking" statements as
defined in the Private Securities Litigation Reform Act of 1995.
Such statements are subject to numerous risks and uncertainties.
Actual results may vary significantly from the results expressed or
implied in such statements. Factors that could cause actual results
to materially differ from forward-looking statements include, but
are not limited to, the Company's ability to meet the terms and
conditions required to obtain its project financing, risks and
delays associated with product development, risk of market
acceptance of new products, risk of technology or product
obsolescence, competitive risks, reliance on development partners
and the need for additional capital.
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