Planet Resource Recovery (PK) (USOTC:PRRY)
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Planet Resource Recovery, Inc. (Pink Sheets:PRRY), is pleased to
announce it has executed a service agreement with Foster Oil and Gas of
Independence, Kansas, to treat a series of wells with its proprietary
product, PetroLuxus™. The various wells
selected for treatment are located in the Southeastern quadrant of
Kansas and are typical representations of the area being relatively
shallow with sandstone formations. Foster Oil & Gas has over six hundred
wells in the region that potentially may be treated.
Additionally, Foster Oil & Gas has elected to pilot test the
effectiveness of PetroLuxus™ on a coal-bed
methane gas well in the same region. Gas production at the selected
coal-bed methane well has ceased due to blockage. Due to the inherent
qualities of PetroLuxus™, it is anticipated it
will restore gas flow. Positive results from this pilot well test will
offer the opportunity to treat many other coal-bed methane wells and
potentially provide an economic means to increase gas production from
this resource. Foster Oil & Gas estimates there are more than 8,000
coal-bed methane wells currently operating in Kansas and Oklahoma alone.
Planet Resource Recovery, Inc has scheduled treatments with PetroLuxus™
to commence by mid-June 2008.
About Foster Oil & Gas
Foster Oil & Gas was formed by William H. Foster, Jr. ("Bill") in 1962,
with offices in Shreveport, Louisiana, and Fort Worth, Texas. During the
1960s, many prospects were initiated and successfully developed in the
Wilcox Trend of eastern Louisiana and north-central Texas. Most notable
was the discovery of the Foster (Marble Falls) Field in 1975. This
discovery resulted in the drilling and completion of more than 90 oil
and gas wells. Foster became interested in the development of coal-bed
methane gas from coal seams in the Cherokee Basin in southeastern
Kansas. Foster moved to the region in 1993 and since that time Foster
Oil & Gas has been involved with the development of more than 120
coalbed methane gas wells, including drilling, completions,
re-completions, pipelining, metering and operation of the wells and
related gathering systems. Also during this time, Foster became
interested in re-activating old shallow oil wells, mostly drilled in the
oil boom of the early 1980's, but not producing since then because of
lower oil prices. Many of these wells were acquired and put back into
production since today's high oil prices make them economically
attractive. There is the added dimension of water flooding some of these
oil-producing leases that enhances the profitability of these projects
even more. These projects are ongoing. For additional information
visit: http://www.fosteroilandgas.com.
About Planet Resource Recovery, Inc.
Planet Resource Recovery, Inc. is the developer, manufacturer and
marketer of the PetroLuxus(TM) family of products, a proprietary
environmentally friendly chemical compound that dislodges oil in
practically all natural and man-made environments. The PetroLuxus(TM)
family of products are effective and efficient solutions for the
remediation and recovery of petroleum-based products. PetroLuxus(TM)
applications include Enhanced Oil Recovery, Oil Sands, oil spills, oil
tank farm cleaning, marine ship cleaning, remediation of oil sludge
pits, treatment of raw fuel feedstocks, waste oil segregation and
biodiesel, to name a few. Through the acquisition and formation of
wholly owned subsidiaries, Planet Resource Recovery, Inc. deploys the
PetroLuxus(TM) products. Oil Recovery Ventures, Inc. deploys
PetroLuxus(TM) through joint ventures in the Enhanced Oil Recovery
market.
For an audio/visual demonstration of PetroLuxus(TM), click on the link http://www.planetresource.net/index-21.html.
For more information visit: http://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.