Novas Energy, a 100% owned subsidiary of Proppell Technologies (PROP) reports that their Plasma Pulsa well treatment has taken an old stripper well from 5 BOPD to 57 BOPD. Read this:
http://www.prweb.com/releases/enhanced_ ... 182091.htm
This is the first well treated under Propell’s recently executed Oil Services Revenue Sharing Agreement (OSRSA) with a privately held oil company. Propell’s OSRSA allows it to share in 49% of the increased oil production revenues from the 10 wells that it intends to treat.
Back in April, Novas treated two wells in the Cottonwood Field to give the operator an idea of the impact their treatment could have on old stipper wells. This field was developed in 1957. The first wells more than doubled in production.
"On September 27th, 2013 Propell’s team returned to the Cottonwood field and treated Cottonwood # 13-6. The well was brought back on-line shortly after Propell’s treatment and has experienced a significant increase in production. Cottonwood # 13-6 has gone from producing 5 BOPD to 57 BOPD."
There are thousands of Red Fork wells in this area south of Tulsa. The field’s operator, Tim Peara, commented enthusiastically about the success of the plasma pulse technology on his oilfield. "Normally we would have fracked the new perforation zone but since we’ve seen such incredible results already from Propell’s technology we wanted to use only the plasma treatment and see what happened. I must say, this technology works great! “
PROP
Re: PROP
This is the 4th well that PROP / Novas Energy has treated in the Cottonwood Red Fork Unit. The first two were treated back in April. Prior to treating any wells this stripper well field was producing just 15-18 BOPD. It is now producing 80-100 BOPD after treating just four wells. Novas is now on location and they have 8 more wells to treat (12 total wells). - Dan
HOUSTON, Texas, Oct. 8, 2013 (GLOBE NEWSWIRE) -- via PRWEB - Propell Technologies Group, Inc (PROP) is pleased to report initial results from the second well treated in the Tulsa, Oklahoma area that is part of the company's Oil Services Revenue Sharing Agreement (OSRSA) with a private oil company to treat up to 10 wells wherein the company will share in 49% of the increased oil production revenues.
The treatment was performed on September 28th on Cottonwood Well #9-5 located in Creek County, Oklahoma. The well was placed back into production on October 5th with a substantial increase in oil production. The well is now producing 44 Barrels of Oil Per Day (BOPD).
The company used the same re-work/treatment plan as they did on Cottonwood Well #13-6, re-perforating 10 feet in the Red Fork sandstone formation and then treating the well with its proprietary plasma pulse technology instead of fracking the well.
Cottonwood Well #9-5 was drilled in 1957 and had initial production of 153 BOPD on a 22/64 choke. For the last five years the well had been shut-in due to mechanical problems and was not in production.
The Company has 8 other wells in its Oil Services Revenue Sharing Agreement to treat that are in the same Red Fork Sandstone formation on the Cottonwood Lease. Many of the wells have been shut in for a number of years and are among what were the biggest producers in the field when they initially produced. Additionally, there are 60 other wells on the Cottonwood Lease that are treatable and thousands of other wells in the same Red Fork formation in Oklahoma.
"It's really exciting to be able to take an old well that wasn't producing, re-work it, treat it with our plasma pulse and put it on pump with such amazing success.," said Mr. John Huemoeller II, Propell's President and CEO. "This adds additional, immediate and recurring revenue to the Company and we have many other wells getting ready for us to treat with our technology."
About Propell Technologies, OTC Markets: PROP. -- through its wholly owned subsidiary Novas Energy USA, Propell is the exclusive licensee of patented "Plasma Pulse" technology in the United States, which has been shown to significantly improve existing well recovery and production volumes. For more information, visit http://www.propell.com or call 713-227-0480, 1701 Commerce Street, Houston, Texas 77002.
HOUSTON, Texas, Oct. 8, 2013 (GLOBE NEWSWIRE) -- via PRWEB - Propell Technologies Group, Inc (PROP) is pleased to report initial results from the second well treated in the Tulsa, Oklahoma area that is part of the company's Oil Services Revenue Sharing Agreement (OSRSA) with a private oil company to treat up to 10 wells wherein the company will share in 49% of the increased oil production revenues.
The treatment was performed on September 28th on Cottonwood Well #9-5 located in Creek County, Oklahoma. The well was placed back into production on October 5th with a substantial increase in oil production. The well is now producing 44 Barrels of Oil Per Day (BOPD).
The company used the same re-work/treatment plan as they did on Cottonwood Well #13-6, re-perforating 10 feet in the Red Fork sandstone formation and then treating the well with its proprietary plasma pulse technology instead of fracking the well.
Cottonwood Well #9-5 was drilled in 1957 and had initial production of 153 BOPD on a 22/64 choke. For the last five years the well had been shut-in due to mechanical problems and was not in production.
The Company has 8 other wells in its Oil Services Revenue Sharing Agreement to treat that are in the same Red Fork Sandstone formation on the Cottonwood Lease. Many of the wells have been shut in for a number of years and are among what were the biggest producers in the field when they initially produced. Additionally, there are 60 other wells on the Cottonwood Lease that are treatable and thousands of other wells in the same Red Fork formation in Oklahoma.
"It's really exciting to be able to take an old well that wasn't producing, re-work it, treat it with our plasma pulse and put it on pump with such amazing success.," said Mr. John Huemoeller II, Propell's President and CEO. "This adds additional, immediate and recurring revenue to the Company and we have many other wells getting ready for us to treat with our technology."
About Propell Technologies, OTC Markets: PROP. -- through its wholly owned subsidiary Novas Energy USA, Propell is the exclusive licensee of patented "Plasma Pulse" technology in the United States, which has been shown to significantly improve existing well recovery and production volumes. For more information, visit http://www.propell.com or call 713-227-0480, 1701 Commerce Street, Houston, Texas 77002.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
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wilmawatts
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Re: PROP
PROP stock price is looking good. Like those plasma surges here 