Propell Technologies Reports Oil Well Operator Production Data in Oklahoma
One well shows nearly a 300% increase in oil production
Houston, TX (PRWEB) June 05, 2013
Novas Energy USA, a wholly owned subsidiary of Propell Technologies is pleased to report feedback from wells treated in the Tulsa, Oklahoma area. The company used its licensed proprietary and patented plasma pulse technology on two wells in a fairly shallow field at a 2600 foot depth that appeared to be substantially depleted according to production records. The wells were treated on March 28, and April 16, 2013, and the operator has been accumulating production data since.
These wells were on the Cottonwood Lease in Creek County, Oklahoma in the Red Fork Sandstone formation. The wells were treated and placed back into service and now both wells have seen a substantial increase in production. More interesting according to the owner-operator is that certain nearby wells (approximately a half a mile away) that were not treated have also increased production substantially.
The data showed clear results. The well treated on March 28 jumped from 1.4 to 5.52 barrels of oil production per day, an amazing 294% increase. The second well, treated on April 16, shot from 1.5 to 3.26 barrels of oil each day, more than doubling the output to an increase of 117%.
The Operator and Oil executive Tim Peara, commented enthusiastically about Novas´ plasma pulse technology on his Creek County, Oklahoma oilfields. “Their plasma treatment quickly and cheaply boosted output in treated wells from 100% to 300%!” he said. “As an unexpected bonus, it also shook up a few nearby wells, doubling their production, too.”
Novas Energy USA develops and implements next generation enhanced oil recovery tools and processes in explosive US oil services industry, competing against Schlumberger Limited (SLB), Fluor Corporation (FLR), and British Petroleum (BP).
“When we first licensed the technology we were told this could happen to nearby wells that were otherwise considered depleted. But to see them actually produce is beyond our initial expectations. The technology is certainly living up to its reputation,” said Mr. John Huemoeller, Novas and Propell President. “This entire field has now gone from marginal production within a couple of short weeks and is now on it´s way to becoming much more economically viable.”
Novas Energy USA is a wholly owned subsidiary of Propell Technologies, PROP. The public Company acquired a specific oil and gas recovery enhancement technology in the end of 2012 that has been shown to significantly improve existing well recovery and production volumes. Prior to this technology the Company focus had been in a software technology targeting retail textile sales that had been directed under former management. For more information, visit http://www.novasenergyusa.com or call 713-227-0480, Novas Energy USA, 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.
For the original version on PRWeb visit: http://www.prweb.com/releases/prwebenhanced_oil_recovery/oil_services/prweb10802582.htm