Planet Resource Recovery, Inc.'s Oil Recovery Ventures, LLC Treats Oil Field with PetroLuxus(TM) MMMF to Increase Oil Production
July 19 2007 - 7:30AM
Business Wire
Planet Resource Recovery, Inc. (PINK�SHEETS :PRRY), developer,
manufacturer and marketer of the PetroLuxus� family of products,
announces that its wholly owned subsidiary, Oil Recovery Ventures,
LLC, has completed the initial treatment phase of an oil field with
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 recently treated its first isolated oil well in
Central Texas. Based on lab results and promising indicators of
PetroLuxus� MMMF�s effect on the isolated well, the lease operator
asked Oil Recovery Ventures, LLC to expand its field test on an oil
field. The oil field designated for treatment comprised of six
producing oil wells. All six producing wells are tapped in the same
oil reservoir and communicate with each other at a depth of
approximately 2200 feet. Oil Recovery Ventures, LLC personnel have
completed the first phase of the PetroLuxus� MMMF treatment
protocols. The company will monitor production activity at the
wells to continue treatment protocols as warranted. 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�, go to 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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