Planet Resource Recovery Appoints VP of Oil and Gas Operations
09 March 2010 - 7:09AM
Marketwired
Planet Resource Recovery, Inc. (PLANET) (PINKSHEETS: PRRY),
developer, manufacturer and marketer of PetroLuxus™ and other
"Green" technologies for the remediation and recovery of the
planet's resources, is pleased to announce the appointment of Mr.
Kenneth D. Wolcott as Vice President of Oil and Gas Operations. Mr.
Wolcott will be responsible for the development and
commercialization of PLANET's Oil and Gas Operations through the
deployment of PetroLuxus™ products, consulting and field services
management.
Mr. Wolcott brings a distinguished twenty-six year career of
academic and progressive petroleum industry experience to PLANET.
He received his Bachelor of Science in Petroleum Engineering from
the University of Wyoming in 1985 and Master of Science in
Petroleum Engineering from the Colorado School of Mines in
1991.
His extensive knowledge and experience encompass reservoir
simulation modeling development in primary, waterflood, steamflood,
gasflood and reservoir engineering. He has experience with light,
intermediate and heavy oil, around the world including North Slope
Alaska exploration and development, offshore Nigeria and US Gulf
Coast, Russia and California. He has managed oil and gas field
production including: enhancement/fracturing of wells, design of
production and injection wells, production equipment, financial
management, transmission and sales of product.
Prior to joining PLANET, Mr. Wolcott was most recently the
Manager of Field Development for Magnum Oil Company since August
2005. While at Magnum, he was responsible for overseas project
evaluation and field development program support including:
reservoir description, simulation, production/injection design,
evaluation, well operation programs and facility requirements.
Between January 2002 and July 2005, he worked at Russian Oil
conglomerate, Yukos Oil Company where he started as Manager of
Production Enhancement & Development responsible to establish
and manage production enhancement and development programs. He
directed all technical activity concerning new wells, waterflood,
fracturing and enhancements on a daily basis. He later moved to
Manager of Field Development at Yuko's Moscow Technology Center
where he developed rigorous standards for field development
programs. These standards were implemented company-wide and are
still being taught.
He was the Senior Staff Reservoir Engineer for Nigeria Special
Projects from July 1997 until January 2002, at Mobil Technology
Company which merged with Exxon in 1999 becoming ExxonMobil Oil
Company. He worked and directed staff to develop reservoir
characterization models to optimize operations and well placement
of numerous Nigerian fields and implement construction of the Edop
Field, one of Nigeria's largest offshore fields producing 165,000
barrels of oil per day and targeted to reach 250,000 barrels of oil
per day.
At Mobil E&P U.S. Inc., he was the Senior Reservoir Engineer
for the Heavy Oil Business Unit from January 1991 through July
1997. He was responsible for reservoir engineering design and
economic evaluation on exploration and development of light,
intermediate and heavy oil and gas opportunities in the Midway
Sunset Oil Field, the largest oil field in California with
estimated remaining reserves of approximately 532 million barrels
of oil as of 2008. His worked defined and characterized the
Belridge diatomite reservoir which has led to implementation of a
successful steamflood and an 800 well waterflood infill project
with various horizontal well options.
At Stephen Dean Petroleum Consultants & Resource Technology,
(1988 - 1991) he was the Senior Reservoir Engineer where he
conducted reservoir simulation studies in conjunction with
drill-stem-test (DST) and transient well test analysis. He
performed on-site well test analysis and production diagnostics
coupled with reserve analysis and property evaluation.
He was the Manager/Senior Reservoir Engineer at North Slope
Borough/Barrow Gas Fields in Barrow, Alaska from 1986 to 1988. He
was responsible for the financial management, engineering and
implementation of a major North Slope gas field expansion project
which included: operation of two existing fields with exploration
and delineation & development of two fields located 25 miles
south of any roads or infrastructure.
Mr. Wolcott began his career at ITT Felec Services, Inc. in
Barrow, Alaska where he was a Petroleum Engineer responsible for
the safe, uninterrupted gas supply from the Barrow Gas Fields to
the village of Barrow, Browerville and Federal DEW Line. He
supervised gas field operation and maintenance activities and
maintained all Local, State and Federal reporting.
"After considerable review and due diligence of PLANET and
PetroLuxus™, I am extremely impressed," stated Mr. Wolcott. He
continued, "PetroLuxus™ is a product that the Oil patch is in great
need of. A product that can help minimize residual oil saturation,
increase recovery and optimize project value is invaluable to the
Oil Industry. The market potential for the products and oil field
services are immense. I look forward to being a part of this
endeavor and eager to build a profitable Oil and Gas Services
Operation for PLANET."
About Planet Resource Recovery, Inc.
Houston, Texas-based Planet Resource Recovery, Inc. is the
developer, manufacturer, and marketer of unique, environmentally
friendly proprietary chemical compounds and processes that will
usher in a new paradigm shift in industry. The company is primarily
focused on three distinct sectors: 1) Oil & Gas Industry with
PetroLuxus™, 2) Remediation of mining toxic byproducts and 3)
mining of base and precious metals. The company has developed
multi-dimensional compounds and their related processes,
technologies and methodologies to provide these sectors enhanced
benefits and revenue opportunities. For more information visit:
www.planetresource.com or 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. PLANET takes no obligation to update or correct
forward-looking statements, and also takes no obligation to update
or correct information prepared by third parties that are not paid
for by PLANET.
Media Contact: Rod Mitchell 281-350-5506 Mediarod@aol.com A.S.
Austin Company 858-537-7439 prry@asaustinco.com
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