Planet Resource Recovery (PK) (USOTC:PRRY)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Planet Resource Recovery (PK) Charts. Click Here for more Planet Resource Recovery (PK) Charts.](/p.php?pid=staticchart&s=NO%5EPRRY&p=8&t=15)
Planet Resource Recovery, Inc. (PINK SHEETS :PRRY), developer,
manufacturer and marketer of the PetroLuxus™
family of products, announces that its wholly owned subsidiary, Oil
Recovery Ventures, LLC, has completed the initial treatment phase of an
oil field with PetroLuxus™ MMMF. PetroLuxus™
MMMF is specifically blended for the Enhanced Oil Recovery market for
the treatment of low yield production oil wells to extract existing oil
in place.
Oil Recovery Ventures, LLC recently treated its first isolated oil well
in Central Texas. Based on lab results and promising indicators of
PetroLuxus™ MMMF’s
effect on the isolated well, the lease operator asked Oil Recovery
Ventures, LLC to expand its field test on an oil field.
The oil field designated for treatment comprised of six producing oil
wells. All six producing wells are tapped in the same oil reservoir and
communicate with each other at a depth of approximately 2200 feet. Oil
Recovery Ventures, LLC personnel have completed the first phase of the
PetroLuxus™ MMMF treatment protocols. The
company will monitor production activity at the wells to continue
treatment protocols as warranted.
For every barrel of crude oil produced in the United States, two barrels
of oil are left in the ground due the cohesion and adhesion of oil to
formation structures. 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 down hole 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 economically viable extraction.
PetroLuxus™ MMMF will be available to the EOR
market through Oil Recovery Ventures, LLC on a revenue share platform
based on increased production of marginal wells.
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™,
go to 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.