Planet Resource Recovery Sells PetroLuxus(TM) WC to Hinto Energy, Inc. for Waterflood Project
01 October 2013 - 12:00AM
Marketwired
Planet Resource Recovery, Inc. (PINKSHEETS: PRRY) is pleased to
announce that it has sold PetroLuxus™ WC to Denver-based Hinto
Energy, Inc. (OTCQB: HENI) for its first commercial waterflood
project. A waterflood is a form of secondary recovery whereby water
is pumped into the oil reservoir to force out additional oil that
has ceased to flow under its own pressure. The addition of
PetroLuxus WC to the injected water will stimulate increased
initial and ultimate oil recovered by reducing surface tension and
improving oil flow characteristics through the formation.
Hinto recently acquired the operating rights to approximately
520 acres located in Montana that will be water flooded to produce
additional oil. The field's water injection well has just passed a
mechanical integrity inspection administered by a state inspector
and oil production is set to begin in October.
George E. Harris, CEO of Hinto Energy, commented, "We are
pleased to begin operating this new field and believe that the
addition of PetroLuxus WC will increase the total amount of oil
that is recoverable and our ultimate return on investment. In
addition, we are excited about other beneficial effects of
PetroLuxus WC, such as reduced metal corrosion, remediation of
handling issues related to paraffin and asphaltenes, reduced water
injection pressure, as well as more efficient separation of oil
from water."
Enrique Salinas, President/CEO of Planet Resource, stated, "We
have always believed that PetroLuxus™ WC is ideally suited as an
additive to be used to enhance production from oil fields that are
waterflooded. This opportunity to work with Hinto Energy will
enable us to demonstrate the increased value resulting from the use
of PetroLuxus WC in waterflood oil recovery. We look forward to
getting the results over the next several months."
About Planet Resource Recovery, Inc.
Planet Resource Recovery, Inc. is the developer, manufacturer and
marketer of the PetroLuxus™ Technology Platform which currently
include the NSF/ANSI Standard 60 Certified PetroLuxus™ family of
products for the Oil & Gas industry and AquaLuxus for the water
industry. For more information visit: www.planetresource.net.
Safe Harbor Statement Under The Private
Securities Litigation Reform Act of 1995: The statements in this
presentation that relate to the Company's expectations with regard
to the future impact on the Company's results from new products in
development are forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. The results
anticipated by any or all of these forward-looking statements may
not occur. Additional risks and uncertainties are set forth in the
Company's Annual Report for the year ended December 31, 2011. The
Company undertakes no obligation to publicly release the result of
any revisions to these forward-looking statements that may be made
to reflect events or circumstances after the date hereof, or to
reflect the occurrence of unanticipated events or changes in the
Company's plans or expectations.
Contact: Planet Resource Recovery, Inc.
281-213-5266 Email Contact
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