HOUSTON, TX--(NewMediaWire Apr 4, 2016) - Propell Technologies
Group (OTCQB:
PROP) (the "Company"), U.S. provider of a plasma pulse based
enhanced oil recovery technology, has treated an important test
well in Oklahoma and has accepted the first commercial delivery of
7 next generation tools. The delivery follows the order placed with
the U.S. based manufacturer announced in June 2015.
Improvements include a 3.5" tool diameter that will fit most
4.5" diameter cased wells, real time surface readout capability, a
down hole plasma pulse detection sensor, a more powerful output
pulse, low erosion electrodes, a faster pulse delivery mechanism
and full compatibility with single wireline cable configurations
which comprise the bulk of the US cased hole wireline service truck
fleet.
The tool enhancements are intended to provide greater ease of
use, higher treatment success and lower treatment costs.
The test treatment occurred in an Oklahoma oil well, delivering
nearly 800 plasma impulses consistently on a single deployment into
the well. "This commercial delivery completes a 2-year effort to
create a lighter, easier to use and more powerful plasma pulse
tool," commented CEO C. Brian Boutte. "We're excited about the
expanded capacity this tool is expected to provide our commercial
sales efforts."
ABOUT PROPELL TECHNOLOGIES
Propell Technologies Group, Inc. (OTCQB:
PROP) is an oil exploitation and production acquisition company
which intends to build and grow a base of producing assets by
leveraging M&A and operational expertise, and by using advanced
technology, including a Plasma Pulse well treatment which uses no
acidization, hydrofracking or other chemicals. Its plan is to
further benefit from a corresponding development of untapped
hydrocarbon reserves once oil supply/demand rebalances and prices
rebound. www.propell.com
SAFE HARBOR
This press release contains forward-looking statements of our
current expectations and projections about future events within the
meaning of the Private Securities Litigation Reform Act of
1995. 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 . intended benefits
of the tool enhancements, the expanded capacity the tool is
expected to provide our commercial sales efforts, Propell's intent
to build and grow a base of producing assets by leveraging M&A
and operational expertise, and by using advanced technology,
including a Plasma Pulse well treatment and Propell's plan to
further benefit from a corresponding development of untapped
hydrocarbon reserves once oil supply/demand rebalances and prices
rebound.. 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, Propell's ability to find suitable
acquisitions, Propell's ability to successfully utilize the
enhancements to provide expanded capacity and lead to an increase
in customers and the other factors described in our Form 10-K for
the year ended December 31, 2015, and Propell's other filings with
the SEC, including subsequent periodic reports on Forms 10-Q and
8-K. The information in this press release is provided only as of
the date written, and Propell undertakes 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.