HOUSTON, TX--(NewMediaWire - Oct 27, 2015) - Propell
Technologies Group, Inc. (OTCQB: PROP)
(the "Company"), the U.S. provider of a plasma pulse based enhanced
oil recovery technology today announced the operational launch of
its previously announced joint venture(the "JV ")
between its wholly owned subsidiary, Novas Energy USA ("Novas") and
Technovita Technologies USA ("Technovita"), Novas Energy North
America (NENA).
NENA was formed to sell and deliver oil well treatments using
Plasma Pulse Technology that had been licensed to Novas for the
U.S. and Technovita for Canada.
Technovita is a Calgary, Alberta based oil and gas technology
service company with more than 20 North American employees
including petroleum engineers, geologists, wireline and well site
workover specialists and project managers with business development
and commercialization expertise for use of new technologies and the
management of large service companies.
NENA will be led by CEO Ken Stankievech with 35+ years
experience building an international service company. Management
also includes:
- Jim McGowin, EVP - 25 years' experience; is based in Houston
and will oversee sales and marketing for the JV in the U.S. McGowan
was with Baker Hughes in their Down-hole Tools Division.
A. Poustovoit, EVP - 30+ years; Russian and Canadian Geologist, Mr.
Poustovoit has led operational development projects for several
multi-national oil and gas companies around the world.
Tom Andrews, EVP - 30+ years business development and senior
project management including finance and administration in
commercializing new technologies
Tom Lagerhausen, CFO - 30+ years finance executive for public and
private companies
Steve Patrick, U.S. Operations - 30+ years experience as an oil and
gas production owner. Led a prominent oil & gas development and
production company in most producing regions in the U.S.
Rob Breakell, Operations Canada - 30+ years wireline and workover
service provider for every major oil and gas production company in
Canada.
Lee Primeau, 20+ years business development, sales and marketing;
is expected to oversee sales and marketing in Canada
-
"We're pleased to have this joint effort to sell and deliver
Plasma Pulse across North America up and running with the first
treatments already complete," mentioned John Huemoeller II, Propell
CEO. "We're confident the Technovita team will provide significant
shareholder value to Propell and we look forward to working with
them. "
ABOUT PROPELL TECHNOLOGIES GROUP
Propell Technologies Group (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
designed to improve production cost effectively, without
acidization, hydrofracking or other chemicals. Through its joint
venture, Novas Energy North America (NENA) Propell intends to
develop, sell and deliver the treatment throughout the U.S., Canada
and Mexico.
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 the contribution to be made by Mr.
Stankievech and the expected results to be derived from NENA and
its use of the 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, effectively operate
the JV and integrate the Technovita team into NENA 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.