Planet Resource Recovery, Inc's Oil Recovery Ventures Enters into Negotiations to Acquire Working Interest in Oil Fields
30 June 2008 - 9:00PM
Business Wire
Planet Resource Recovery, Inc. (PINK SHEETS:PRRY), is pleased to
announce that the company�s wholly-owned subsidiary, Oil Recovery
Ventures, LLC has entered into talks to acquire a working interest
in oil production wells west of Houston. The selected wells open a
potentially new revenue stream for the company through
participation in production utilizing the PetroLuxus(TM) family of
products for oil well formation stimulation and clean up to
maximize efficiencies and revitalization in the oil patch. Planet
Resource Recovery will issue investor updates on the progression of
these negotiations. Recent deployment of PetroLuxus(TM) MMMF and
PetroLuxus(TM) Well Clean have realized significant increases in
oil production. A recent well stimulation in February 2008 has
resulted in stabilized increased oil production of approximately
275% for over 90 days. Other treatments are realizing similar
results in testing and establishing the cost-effectiveness and
determining the longevity of Planet Resource Recovery products. Oil
Recovery Ventures, LLC will work selected operators in the local
area to deploy PetroLuxus(TM) products for increased oil
production. 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(TM) family of
products are effective and efficient solutions for the remediation
and recovery of petroleum-based products. PetroLuxus(TM)
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(TM) products. Oil Recovery
Ventures, Inc. deploys PetroLuxus(TM) through joint ventures in the
Enhanced Oil Recovery market. For an audio/visual demonstration of
PetroLuxus(TM), 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.
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