Novas Energy (PROP)

[dan_s]

Novas Energy is a wholly owned subsidiary of Propel Technologies (PROP). They will be hosting our luncheon in Houston on July 18th. Novas has a Plasma Pulse Generator that is a tool used to stimulate old oil wells. If successful, their market is HUGE in the United States where there are over a million stripper wells making less than 5 bopd. - Dan

HOUSTON, Texas, June 19, 2013 (GLOBE NEWSWIRE) -- via PRWEB - On March 25, 2013, the Company treated a small well in East Tonkawa Unit (ETU) - 15-4 in Kay County, Oklahoma in the Mississippi Lime formation. The operator of the field and well, International Energy Corporation, is a Tulsa, Oklahoma based exploration and production company, and a wholly owned subsidiary of AusTex Oil Limited, publically traded on the Australian Stock Exchange under the symbol AOK.

According to the operator, the well had been producing 5-7 barrels of oil per day before the plasma pulse treatment. The well had been off line for two weeks prior to treatment and was barrel tested the day before treatment with 80 barrels of water and 0 barrels of oil per day. After treatment the initial report came in on April 1, 2013 with 133 barrels of water and 10.75 barrels of oil. On April 8 the tests showed 122.75 barrels of water and 12.75 barrels of oil. Then on April 14 the well was taken out of production in order to frack an adjacent well and when put back on and tested April 18 results were 128 barrels of water and 8.25 barrels of oil.

The Operator now reports on May 13 the well was doing 100 barrels of water and 18 barrels of oil per day and holding steady with a considerable increase in oil production. AusTex's Chairman and Executive Director, Richard Adrey said, "We are well pleased with the results that the treatment has delivered thus far, and we look forward continuing to track the results and to treating additional wells."

According to Mr. John Huemoeller II, the CEO of Novas and Propell who was present and assisting in the treatment deployment team, "We are extremely excited about treating this particular well because it was our first Mississippi Limestone. This formation covers millions of acres in northern Oklahoma running into central Kansas where many of the industry giants operate.

About:

Novas Energy USA is a wholly owned subsidiary of Propell Technologies, PROP. The public Company acquired a specific oil and gas recovery enhancement technology in the end of 2012 that has been shown to significantly improve existing well recovery and production volumes. Prior to this technology the Company focus had been in a software technology targeting retail textile sales that had been directed under former management. For more information, visit http://www.novasenergyusa.com or call 713-227-0480, Novas Energy USA, 1701 Commerce Street, Houston, Texas 77002.