HOUSTON, TX--(NewMediaWire - Jul 8, 2015) - Propell Technologies
Group (OTCQB: PROP)
(the "Company"), the U.S. provider of a plasma pulse based enhanced
oil recovery technology, today announces it has received an
additional investment of $9.75 million from Ervington Investments
Limited.
On February 19, 2015, the Company raised $5,000,000 from the
sale of 1,525,424 shares of its Series C Preferred Stock ("Series C
Preferred") at a purchase price of $3.28 per share.
Ervington Investments also received an option to invest an
additional $9,750,000 in consideration of the issuance of an
additional 2,974,576 shares of Series C Preferred. On July 6, 2015,
Ervington exercised its option and closed the second and final
tranche of financing.
Capital from the transaction will be used by Propell to pursue a
growth and value creation strategy of acquiring domestic active
oil-producing assets for secondary oil recovery that are ideally
positioned to benefit from Propell's patent-pending plasma pulse
enhanced oil recovery technology. Propell expects to aggressively
pursue the acquisition of oil properties.
Propell intends to apply its environmental friendly technology
to fields the Company acquires and redevelops onshore in the U.S.,
and also provide its Plasma Pulse as a service to third party
E&P companies.
Mr. Huemoeller, President and CEO of Propell, said, "This
investment provides Propell with immediate access to the resources
necessary to continue to execute on our growth strategy. These
resources include the funds needed to acquire oil-producing assets
that we expect will benefit from the implementation of our
proprietary plasma pulse technology to increase the recovery of oil
that has already been discovered in a typical reservoir that is
unrecoverable using conventional technology. "
ABOUT PROPELL TECHNOLOGIES GROUP
Propell Technologies Group, Inc. (http://www.propell.com/), through its wholly
owned subsidiary Novas Energy USA, is the exclusive U.S licensee of
the Plasma Pulse enhanced oil recovery (EOR) well treatment that
improves well production cost effectively and without acidization,
hydrofracking or other chemicals. It develops and commercializes
treatment and stimulation of oil wells to meaningfully improve
production and enhance the recovery of oil and gas in existing
wells.
SAFE HARBOR
This press release includes forward-looking statements of our
current expectations and projections about future events. In some
cases forward-looking statements can be identified by terminology
such as "may," "should," "potential," "continue," "expects,"
"anticipates," "intends," "plans," "believes," and similar
expressions. These statements are based upon current beliefs,
expectations and assumptions and are subject to a number of risks
and uncertainties, many of which are difficult to predict and
include statements regarding future acquisitions, corporate growth
strategy, future application of our technology, and results to be
derived from the use of that technology. The forward-looking
statements are subject to risks and uncertainties that could cause
actual results to differ materially from those set forth or implied
by any forward-looking statements. Important factors that could
cause actual results to differ materially from those reflected in
our forward-looking statements include, among others, our ability
to find suitable acquisitions, fuel our growth and the other
factors described in our on Form 10-K for the year ended December
31, 2014, and any other filings we may make with the SEC. The
information in this press release is provided only as of the date
written, and we undertake no obligation to update any
forward-looking statements contained in this press release on
account of new information, future events, or otherwise, except as
required by law.