Planet Resource Recovery, Inc. Executes Service Agreement with Oil Service Operator to Treat Multiple Oil Wells with PetroLuxus(
June 05 2008 - 7:30AM
Business Wire
Planet Resource Recovery, Inc. (Pink Sheets:PRRY), is pleased to
announce it has executed a service agreement with Foster Oil and
Gas of Independence, Kansas, to treat a series of wells with its
proprietary product, PetroLuxus�. The various wells selected for
treatment are located in the Southeastern quadrant of Kansas and
are typical representations of the area being relatively shallow
with sandstone formations. Foster Oil & Gas has over six
hundred wells in the region that potentially may be treated.
Additionally, Foster Oil & Gas has elected to pilot test the
effectiveness of PetroLuxus� on a coal-bed methane gas well in the
same region. Gas production at the selected coal-bed methane well
has ceased due to blockage. Due to the inherent qualities of
PetroLuxus�, it is anticipated it will restore gas flow. Positive
results from this pilot well test will offer the opportunity to
treat many other coal-bed methane wells and potentially provide an
economic means to increase gas production from this resource.
Foster Oil & Gas estimates there are more than 8,000 coal-bed
methane wells currently operating in Kansas and Oklahoma alone.
Planet Resource Recovery, Inc has scheduled treatments with
PetroLuxus� to commence by mid-June 2008. About Foster Oil &
Gas Foster Oil & Gas was formed by William H. Foster, Jr.
("Bill") in 1962, with offices in Shreveport, Louisiana, and Fort
Worth, Texas. During the 1960s, many prospects were initiated and
successfully developed in the Wilcox Trend of eastern Louisiana and
north-central Texas. Most notable was the discovery of the Foster
(Marble Falls) Field in 1975. This discovery resulted in the
drilling and completion of more than 90 oil and gas wells. Foster
became interested in the development of coal-bed methane gas from
coal seams in the Cherokee Basin in southeastern Kansas. Foster
moved to the region in 1993 and since that time Foster Oil &
Gas has been involved with the development of more than 120 coalbed
methane gas wells, including drilling, completions, re-completions,
pipelining, metering and operation of the wells and related
gathering systems. Also during this time, Foster became interested
in re-activating old shallow oil wells, mostly drilled in the oil
boom of the early 1980's, but not producing since then because of
lower oil prices. Many of these wells were acquired and put back
into production since today's high oil prices make them
economically attractive. There is the added dimension of water
flooding some of these oil-producing leases that enhances the
profitability of these projects even more. These projects are
ongoing. For additional information visit:
http://www.fosteroilandgas.com. 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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