HOUSTON, Texas, June 23, 2015 (GLOBE NEWSWIRE) -- via PRWEB - Propell Technologies Group (OTCQB: PROP) (the "Company") the U.S. provider of a plasma pulse based well treatment has completed field testing of its new, U.S. made wireline applied tool and has ordered its first commercial shipment of seven tools.
Improvements include a topside power supply that allows a smaller footprint inside wireline trucks, a more narrow 3.5" diameter that will fit 4.5" diameter wells and the tool is compatible with single wireline configurations which comprise the bulk of the US wireline truck fleet.
The streamlined operator interface is intended to allow for much greater ease of use allowing for lower treatment costs and greater profitability.
The Company expects the final shipment to occur in fourth quarter of 2015.
"After a period of testing and optimization, our technical team emerged with a tool that is lighter, easier to operate and more powerful," commented John Huemoeller. "This is an important step in meeting the demand that we see for Plasma Pulse."
ABOUT PROPELL TECHNOLOGIES GROUP
Propell Technologies Group, Inc. (http://www.propell.com/), through its wholly owned subsidiary Novas Energy USA, is the exclusive U.S licensee of the Plasma Pulse enhanced oil recovery (EOR) well treatment that improves well production cost effectively and without acidization, hydrofracking or other chemicals. It develops and commercializes treatment and stimulation of oil wells to meaningfully improve production and enhance the recovery of oil and gas in existing wells.
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This press release includes forward-looking statements of our current expectations and projections about future events. In some cases forward-looking statements can be identified by terminology such as "may," "should," "potential," "continue," "expects," "anticipates," "intends," "plans," "believes," and similar expressions. These statements are based upon current beliefs, expectations and assumptions and are subject to a number of risks and uncertainties, many of which are difficult to predict and include statements regarding future financings, accelerating our commercial rollout, our growth and the potential for our technology. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from those reflected in our forward-looking statements and other factors described in our on Form 10-K for the year ended December 31, 2014, and any other filings we may make with the SEC. The information in this press release is provided only as of the date written, and we undertake no obligation to update any forward-looking statements contained in this press release on account of new information, future events, or otherwise, except as required by law.
Patrick Gaynes
Propell Technologies Group
investors(AT)propell.com
+1 (713) 766-5546
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