Planet Resource Recovery (PK) (USOTC:PRRY)
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Planet Resource Recovery, Inc. (PINK SHEETS:PRRY) announced today that
the company is expanding its Enhanced Oil Recovery (EOR) efforts due to
increasing demand for services after successful well treatments of
marginal wells. Treatment of marginal wells with PetroLuxus™
MMMF is realizing increased production of 150 to 500 percent of
additional oil production. The company is currently scheduled to treat
fifteen wells over the next six weeks. Treatment of PetroLuxus™
and injection service costs range between $9,000 and $17,500 per well.
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."
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™
family of products are effective and efficient solutions for the
remediation and recovery of petroleum-based products. PetroLuxus™
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™ products. Oil Recovery Ventures,
Inc. deploys PetroLuxus™ through joint
ventures in the Enhanced Oil Recovery market.
For an audio/visual demonstration of PetroLuxus™,
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.