Planet Resource Recovery, Inc. Provides Additional Information on Well Treatments with PetroLuxus(TM)
July 15 2008 - 7:00AM
Business Wire
Planet Resource Recovery, Inc. (PINK SHEETS:PRRY), is pleased to
provide new, additional information regarding well treatment
results. Treatments with PetroLuxus� on a series of wells in
central Texas continue to provide positive results after four
months. These treatments were performed on a variety of wells
including Austin Chalk formation with fracturing and other
formations with matrix porosity. The wells included vertical and
horizontal lateral wells in the Austin Chalk and vertical wells of
varying depths in more common matrix porosity wells and the
production varied in type and quality of oil, as well as, produced
water. The wells selected for treatment, although different in
configuration, depth, and formation type, had common issues that
resulted in reduced production. All of the wells had suffered a
decline in production due to suspected corrosion and fouling that
subsequently contributed to increased maintenance and downtime from
equipment failure. Following treatment, all of the wells have
benefited. Production levels have increased either directly or as
the result of less downtime and fewer mechanical problems in all
wells. Operator analysis of the results are continuing but
significant benefits have been observed. PetroLuxus� has shown
particular benefit to treating chalk formation wells with
horizontal laterals and typical vertical wells with good porosity
and permeability that are suffering from near well bore
contamination and equipment fouling. This is expected, as
PetroLuxus� is a contact chemical and provides benefit from its
ability to penetrate fractures and existing permeability and
porosity to open channels. Another common factor is suspected for
some improvements; conversion of corrosive H2S into iron sulfide
and reduction of corrosion. Additional potential PetroLuxus�
benefits include drag reduction, scale reduction, and acid
reduction. 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), go to: 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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