Planet Resource Recovery, Inc. Announces Treatment of Additional Wells in the Austin Chalk Formation
08 October 2008 - 10:00PM
Business Wire
Planet Resource Recovery, Inc. (Pink Sheets:PRRY) is pleased to
announce the continued treatment of additional wells and the
maintained oil production of pilot wells treated in February
through September 2008. Production rates posted with the Texas
Railroad Commission website continue to show increased production
is being sustained after only one treatment with PetroLuxus�. The
Company continues to treat new wells while it monitors outputs of
the original wells treated and their significant increases of oil
production in the Austin Chalk formation. This update demonstrates
the continuing longevity and effectiveness of PetroLuxus�. Planet
Resource Recovery, Inc. commenced working with an AMEX listed oil
production company in January 2008, with the goal to treat a series
of wells to increase oil production with its down hole treatment
products. The company's wells are situated in the Austin Chalk
formation in Texas. The selected primary pilot oil well had
dramatically declined in production since being brought back online
in September of 2007. This well's oil production had slipped in
production from over 750 barrels of oil per month to less than 85
barrels of oil per month. After the PetroLuxus� treatments were
performed in the Spring of 2008 increased oil production was
realized within two weeks, which was extremely encouraging as
porosity in the Austin Chalk is some of the lowest in any
formation. Oil production at the selected PetroLuxus� treated wells
for February through July 2008 has been significantly improved.
Since treatment, not only has oil production been revitalized but
improved equipment efficiency has been realized, allowing for less
down time due to equipment failure. About Planet Resource Recovery,
Inc. Planet Resource Recovery, Inc. is the developer, manufacturer
and marketer of the PetroLuxus� family of products, a proprietary
environmentally friendly chemical compound that dislodges oil in
practically all natural and man-made environments. The PetroLuxus�
family of products are effective and efficient solutions for the
remediation and recovery of petroleum-based products. PetroLuxus�
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� products. Oil Recovery
Ventures, Inc. deploys PetroLuxus� through joint ventures in the
Enhanced Oil Recovery market. For an audio/visual demonstration of
PetroLuxus�, 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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