Planet Resource Recovery, Inc. Expands Enhanced Oil Recovery Efforts
April 14 2008 - 7:30AM
Business Wire
Planet Resource Recovery, Inc. (PINK SHEETS:PRRY) announced today
that the company is expanding its Enhanced Oil Recovery (EOR)
efforts due to increasing demand for services after successful well
treatments of marginal wells. Treatment of marginal wells with
PetroLuxus� MMMF is realizing increased production of 150 to 500
percent of additional oil production. The company is currently
scheduled to treat fifteen wells over the next six weeks. Treatment
of PetroLuxus� and injection service costs range between $9,000 and
$17,500 per well. The US Department of Energy�s Office of Fossil
Energy estimates that �more than 60% of all known oil reserves in
the United States remain untapped because of difficulties in
extraction from the ground.� These huge untapped oil supplies are
difficult to extract due to the oil held in place by molecular
forces of cohesion and adhesion. Technologies to increase
extraction of oil held in place are known as the Enhanced Oil
Recovery (EOR) industry. The EOR industry aims to increase
extraction in marginal wells where oil production has slowed to 15
barrels a day or less. According to The Office of Fossil Energy,
"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." About Planet Resource Recovery, Inc. Planet Resource
Recovery, Inc. is the developer, manufacturer and marketer of the
PetroLuxus(TM) family of products, a proprietary environmentally
friendly chemical compound that dislodges oil in practically all
natural and man-made environments. The PetroLuxus� family of
products are effective and efficient solutions for the remediation
and recovery of petroleum-based products. PetroLuxus� applications
include Enhanced Oil Recovery, Oil Sands, oil spills, oil tank farm
cleaning, marine ship cleaning, remediation of oil sludge pits,
treatment of raw fuel feedstocks, waste oil segregation and
biodiesel, to name a few. Through the acquisition and formation of
wholly owned subsidiaries, Planet Resource Recovery, Inc. deploys
the PetroLuxus� products. Oil Recovery Ventures, Inc. deploys
PetroLuxus� through joint ventures in the Enhanced Oil Recovery
market. For an audio/visual demonstration of PetroLuxus�, click on
the link http://www.planetresource.net/index-21.html For more
information visit: http://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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