NBT Equities Research: Initiating Coverage on Propell Technologies Group, Inc. (PROP)
Game Changing Disruptive Technology for Oil Enhanced Recovery in the United States
The Company:...
Game Changing Disruptive Technology for Enhanced Oil Recovery in the United States
Propell Technologies Group, Inc (PROP) has announced that it has completed the treatment of nine wells with the Company’s licensed Plasma Pulse Technology in the Permian Basin of West Texas. The wells were located near Snyder and Abilene, Texas.
The company intended to treat 10 wells but due to a major winter storm they were unable to complete the treatment on the 10th well and it has been rescheduled. The nine wells treated are back on pump and initial results are expected within a few days.
The Plasma Pulse treatments began on November 13th with two wells in the Bluff Creek Sand in the Bluff Creek Ranch Field in Shackleford County, Texas. Thereafter, five wells, four producers and an injection well, were treated in the Clear Fork, San Andres and Glorieta formations in the Sharon Ridge Field located in Scurry County near Snyder, Texas. The producers included two multiple (10 & 7 stage) pay zones, two shallow (1800 feet) producers and an injection well.
The last two wells the Company treated were completed on November 22nd. They were both recently drilled to a depth of approximately 1860 feet near the Abilene Airport area of Taylor County. One of the wells was completed with a Frac with slick water and 155 sacks of sand and the second well had been perforated but not fractured.
When contacted, Bluff Creek Production, LLC’s Managing Director, R. Gary Call said, “We are very pleased with the degree of professionalism and expertise shown by the Propell’s crew and we are looking forward to evaluating the results over the next several months”. Propell treated seven wells for Bluff Creek Production, LLC, two in Shackelford County and five in Scurry County.
“Our crew did a fantastic job working with the operators, rig and wireline crews and we thank all of them. We now look forward to reviewing the initial treatment results,” said Mr. John Huemoeller II, Propell’s President and CEO.
Source: PRWeb
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Founder and Editor-in-Chief for NBTEquitiesResearch.com. Contributor and Anchor for the Fox News Channel and Fox Business Network 2000-2013. Chairman & CEO of NBT Group, Inc., a boutique private capital investment bank and investor relations organization.
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