Planet Resource Recovery (PK) (USOTC:PRRY)
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Planet Resource Recovery, Inc. (Pink Sheets:PRRY), developer,
manufacturer and marketer of the PetroLuxus™
family of products, announced today that the company has developed a new
derivation of PetroLuxus™ for the Enhanced Oil
Recovery (EOR) market. PetroLuxus™ MMMF is
specifically blended for the treatment of low yield production oil wells
to extract existing oil in place.
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."
PetroLuxus™ MMMF was specifically blended for
the EOR industry. A PetroLuxus™ MMMF
treatment in a downhole application eliminates the interfacial surface
tension between oil and all matter it contacts including sand, clay,
rock, shale, etc. The elimination of surface tension permits the oil to
separate for an economically viable extraction.
PetroLuxus™ MMMF will be available
exclusively to the EOR market through Oil Recovery Ventures, LLC on a
revenue share platform based on increased production of marginal wells.
Oil Recovery Ventures, LLC is in negotiations to commence field tests in
the near future.
About Planet Resource Recovery, Inc.
Planet Resource Recovery, Inc. is an innovative PetroChemical/Oil
Services company that has developed a proprietary,
environmentally-friendly chemical that dislodges hydrocarbons in
practically all-natural and man-made environments. The company’s
flagship product, PetroLuxus™, and its
derivative product lines have a strong affinity and rapid dispersement
qualities to break hydrocarbon chains on a molecular level for
cost-effective remediation and recovery of petroleum products. The
company’s prospective markets for remediation
and recovery include: oil tank farm cleaning, marine ship cleaning, oil
sludge pits, contaminated soil/oil spills, biodiesel, waste oil
segregation, heavy oil, tar sands, and Enhanced Oil Recovery, to name a
few. Planet Resource Recovery’s pilot
manufacturing plant is fully operational with PetroLuxus™
ready for commercialization.
For an audio/visual demonstration of PetroLuxus™,
click on the link below. http://www.planetresource.net/test76u31b.htm
For more information please visit 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.