Propell Technologies Enters into Engineering Agreement
Development of New Plasma Pulse Tools To Be Made in the U.S.A
Houston, Texas (PRWEB) November 05, 2013
Novas Energy USA, a wholly owned subsidiary of Propell Technologies Group, Inc is pleased to report that it has entered into a Engineering, Procurement and Construction Agreement with a privately held engineering firm for the development and manufacturing of new plasma pulse enhanced oil recovery tools to be made the United States.
Propell has paid the engineering firm $105,000 towards the initial $260,000 agreement, which includes the delivery of the first 2 prototype tools. The engineering design, fabrication, assembly, construction, inspection, testing, and delivery of the new plasma pulse tools will be done in the United States with final delivery coming from facilities located in Knoxville, Tennessee.
Novas Energy USA’s current proprietary and patented plasma pulse technology tools are licensed from Novas Energy in Russia. The engineering firm is working with the Novas team in Russia to incorporate the existing proven technology with the new designs and features desired for an anticipated larger rollout in the United States of the technology.
The new tool is being designed to work on a single wire wireline truck with the size shrinking from 4.1 inches in diameter to 3.5 inches. Additionally new designs and features will include above ground telemetry modules which can control all of the functions of the logic and control board as well as monitor the functions and performance downhole. A new flexible high voltage power supply module will accept voltage ranging from 85 volts DC to 165 volts DC and convert it to the high voltage AC necessary to charge the capacitors. The power supply will operate with a cable loop resistance of up to 100 ohms using industry standard Rochester cable.
"We look forward to having the new tools made here in our backyard with all the additional bells and whistles,” said Mr. John Huemoeller, Novas and Propell’s President. “Based on the initial success we’ve seen with the existing technology together with anticipated demand based on the number of inquiries we continue to receive within the oil industry we hope to be placing a lot of orders for new tools when they’re ready.”
About Propell Technologies Group, Inc
Novas Energy USA is a wholly owned subsidiary of Propell Technologies Group, Inc. Novas Energy USA develops and implements next generation enhanced oil recovery tools and processes in the U.S. oil services industry that has been shown to significantly improve existing well recovery and production volumes. 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/2013/11/prweb11302504.htm