Planet Resource Recovery, Inc. and Strat Petroleum, Ltd. Enter into LOI to Remediate Oil Sludge in the Russian Federation
06 June 2007 - 10:45PM
Business Wire
Planet Resource Recovery, Inc. (PINK SHEETS:PRRY), developer,
manufacturer and marketer of the PetroLuxus� family of products,
announced today that it has entered into a Letter of Intent with
Strat Petroleum, Ltd. (PINK SHEETS:SPRL) to negotiate a contract
for the deployment of PetroLuxus� and proprietary processing
technology in the Russia Federation. The goal of this collaboration
is to tap into the hundreds of millions barrels of oil sludge waste
throughout the Russian Federation and cost-effectively and
expediently process the oil sludge waste into a saleable product.
Planet Resource Recovery�s development of its environmentally
friendly chemicals PetroLuxus� family of products for the oil &
gas industry is exceptionally well suited to address the problems
associated with oil sludge remediation. Oil sludge treated with
PetroLuxus� breaks the interfacial tension between oil and the
material such as sand, clay, water it is adhered to resulting in a
stratification of materials by specific gravity. The stratification
of material provides for an easy, efficient recovery of the oil.
Planet Resource Recovery, Inc will develop a proprietary portable
processing plant for the remediation of oil sludge in the Russian
Federation that will be licensed. Strat Petroleum, Ltd. is
negotiating the rights to process significant quantities of oil
sludge close to refineries and is looking for a technology that
would allow it to process much larger quantities per day. The
utilization of PetroLuxus� in its proprietary processing plant is
anticipated to result in processing capacity of approximately 3700
bbls per day, compared to current capacity of 300 bbls per week.
Mr. Sam Hyams, CEO of Strat Petroleum, Ltd., stated, �After
visiting Planet Resource Recovery�s facilities in Pearland and
witnessing the speed and effectiveness of PetroLuxus�, we were
impressed. We are extremely motivated to work with Planet Resource
Recovery to deploy this cutting-edge technology in the Russian
Federation. A working installation using PetroLuxus� in Russia will
open the door for Strat Petroleum to the hundreds of millions of
barrels of oil sludge for processing while simultaneously cleaning
up the environment � this is a win-win situation for all involved.�
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.
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