HOUSTON, Texas, June 12, 2014 (GLOBE NEWSWIRE) -- via PRWEB - Propell Technologies (OTCQB:PROP), the exclusive US licensee of a plasma pulse well treatment for enhanced oil recovery (EOR) today confirmed a June delivery of its next generation, downhole well stimulation tool.
Upon delivery, the company expects to be able to treat the estimated 1 million US vertical and directional wells in its market as opposed to only those with 5.5" casings, estimated to be about half of those in the US.
Additionally, the tool will now be compatible with single wireline configurations which comprise the bulk of the US wireline truck fleet, which should allow for immediate deployment of the tool due to the vastly greater availability of compatible wireline trucks.
The streamlined operator interface is intended to allow for much greater ease of use allowing for lower treatment cost and greater profitability.
"With this next gen tool we should be in a position to treat most any vertical well in the country using any wireline truck. Until now we've had to turn away opportunities to treat otherwise ideal wells due to undersized well casings and wireline incompatibility," stated CEO John Huemoeller II. "This is a milestone that we expect to provide significantly greater revenue and profitability going forward."
For further updates and information on Propell Technologies please visit its corporate blog at blog.propell.com.
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 production cost effectively and without acidization, hydrofracking or other chemicals. It develops and commercializes treatment and stimulation of oil wells designed to meaningfully improve production and enhance the recovery of oil and gas in existing wells. For further information please visit http://www.propell.com.
SAFE HARBOR
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 the expected benefits of the new tool. 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 include, among others, the ability to utilize the new tool as anticipated, the market acceptance of the technology and the other factors described in our on Form 10-K for the year ended December 31, 2013, 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.
| Contact: |
| Patrick Gaynes |
| patrick.gaynes(at)propell(dot)com |
| (713) 766-5546 |
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