Planet Resource Recovery, Inc. Commences First Field Test Utilizing PetroLuxus(TM) MMMF for Enhanced Oil Recovery
05 July 2007 - 11:00PM
Business Wire
Planet Resource Recovery, Inc. (PINK SHEETS: PRRY), developer,
manufacturer and marketer of the PetroLuxus� family of products,
announced today that its wholly owned subsidiary, Oil Recovery
Ventures, LLC has commenced its first field test of 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,
treated its first oil well in Central Texas. The oil well
identified for treatment with PetroLuxus� MMMF has a long history
of oil production. This isolated well had produced hundreds of
barrels of oil per day but production has dwindled to approximately
half a barrel of oil per day. The producing well that was treated
has a depth of approximately 2200 feet. The company will monitor
production activity at the well and anticipates announcing results
in near future. 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�, 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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