New Corporate Website Maximizes Transparency and New Subsidiary Website Showcases Plasma Pulse Treatment with Detailed Sales Information
Propell Technologies Group, Inc. (PROP)
-OTC BB
0.01(2.27%) 11:13AM EDT- Propell Technologies Updates Shareholders on Recent DevelopmentsGlobeNewswire(Tue 9:04AM EDT)
Propell Technologies Updates Shareholders on Recent Developments
Company announces successful treatment of first two wells with its new U.S. engineered Plasma Pulse Tool and commencement of commercial sales with strengthened balance sheet
HOUSTON, Aug. 19, 2014 (GLOBE NEWSWIRE) -- via PRWEB - Propell Technologies Group (PROP), the exclusive US licensee of a plasma pulse technology for enhanced oil recovery (EOR) today announced the successful treatment of two of Miller Energy Resources' (MILL) wells using their new U.S. engineered Plasma Pulse tool.
The treatment took place in Morgan and Scott counties in Tennessee on the Hannah Heirs #4 and Henry Bowling #1 wells, both of which have open-hole completions. The treatments were made by the U.S. Propell team who observed substantial increases in fluid levels on both wells immediately after treatment.
This recent news is in addition to the following milestones achieved during the second quarter of 2014:
- Elimination of all short-term convertible debt primarily through early repayment and partially through conversion
- Consummation of financing of the sale of fixed price common stock with warrants with proceeds to the Company of in excess of $1,000,000
- Commencement of full commercial stage
In the second quarter of 2014, the Company derived commercial revenue from its well stimulation business from several U.S. well treatments and has experienced an increase in requests for proposals for potential bookings for new treatments.
With the receipt of a redesigned and optimized single-wire line tool and commencement of full commercial sales, the Company expects accelerated revenue growth due to its ability to treat additional types of wells with its streamlined and universally compatible treatment process.
As highlighted above, the Company has strengthened its balance sheet though early repayment of most of its short-term debt preventing further share dilution and converted the remainder, eliminating all short-term convertible debt. In addition, the Company's cash runway is now stronger with the recent financing in which it raised in excess of $1,000,000.
The Company believes it now has the financial flexibility to expand its commercial efforts and grow treatment sales.
"With the receipt of our redesigned and optimized U.S. tool along with a stronger balance sheet we expect to now be able to strike contracts with significant operators like Miller Energy and enter into strategic sales relationships with influential channel partners," commented John Huemoeller II, President and CEO. "We expect this successful treatment of Miller Energy's wells to be the first of many using our new tool."
Coverage we sent on PROP earlier in the month deserves a review, given the news:
Propell Technologies to Treat Two Wells on Miller Energy's Appalachian Basin with Next Generation Plasma Pulse ToolGlobeNewswire(Wed, Aug 6)
This next-generation oil fracking technology has proven it can add $170 million to $340 million per DAY in new US oil production...and turn this tiny energy services company into the next $billion energy tech giant
If you missed the $billions made from the first fracking technology stock boom stocks like:
| Don't miss the NEXT $Billions to be made in the American Oil Technology Revolution: Micro-Fracking from Propell Technologies (PROP) |
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But what is MOST fascinating to me about this recent report—and MOST important to my special report today is "What major city in the United States OTHER than New York City—8 TIMES the population of San Francisco—has MORE millionaires per capita than San Francisco?
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... "Houston Texas?"
If you did, you're right. According to the Wealth Insight report 2.09% of Greater Houston's 6.4 million residents is a millionaire. And what new innovation/revolution created most of these new millionaires?
The Shale Energy revolution of course...created by the revolutionary oil producing technologies of 1) horizontal drilling and 2)hydraulic fracturing or "fracking".
Sorry Mark Zuckerberg or Elon Musk: it's a fact. FAR more billionaires and millionaires have been created in America from the Shale Energy Revolution and its amazing technology than all the Social Media/Cloud/Big data technology wealth combined.
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Great—let's get started on YOUR path to wealth.
In the next few minutes I am going to make the case that THIS company is indeed one of the next millionaire makers in the energy technology miracle that I've come to call "Saudi America."
Welcome to Saudi America...where the United States is fast replacing Saudi Arabia as the world's biggest oil producer.
Opportunity IS all around you...and yes fortunes ARE being made daily in Saudi America.
But our story today is about a revolutionary technology that brings the miracle of fracking technology to the billions of barrels of oil that already EXIST in America.
I believe shareholders in this company stand to make the same kind of money early investors made in another little energy technology company I discovered in 2010.
That company is Flotek Industries (FTK)—it's a fracking technology company—and its price chart tells a most compelling story of how a tiny Houston based company created thousands of millionaires from its energy fracking services technology.
Fast forward to today.
Propell Technologies...through its subsidiary Novas Energy...has exclusive rights to a similar game-changing technology to FloTek that has NOTHING to do with finding or extracting new oil deposits.
The Novas Plasma-Pulse enhance oil recovery technology allows owners of the 420,000 EXISTING oil wells in the United States—specifically the ones producing less that 10 barrels a day—to double, triple and sometime gain up to 10 times the production from their existing wells.
.....
Summary: 10 Compelling Reasons Why PROP is a STRONG Buy TODAY under 50-60 Cents
- PROP's Plasma-Pulse patented technology has been 100% successful in 200+ marginal oil wells worldwide increasing production at LEAST 175% over pre-treatment existing production (source: PROP data)
- The total U.S. market for re-activation/enhanced production of low/no production oil wells is +550,000 stripper, injection and shut-in wells (source: United States Energy Information Agency (EIA)
- After drilling 2.6 million oil wells, over 50% of ALL the oil EVER discovered in the United States remains unrecovered and still in the ground (source: EIA)
- 45,000 NEW oil wells are projected to be drilled in the next 5 years in the United States (source: EIA)
- 150 oil companies—6 majors—have tested and proved PROP's Plasma-Pulse technology SAFE (source: Novas Energy website)
- PROP just introduced an American made 2.0 verion of its Plasma-Pulse tool which can treat 4.5" cases wells which represent the vast majority of US vertical wells. Since the original tool was too large to treat these 4.5" wells, significant new revenues are now available to PROP.
- Plasma-Pulse Micro-fracking is 100% Environmentally SAFE vs. Hydro-Fracking (source: Novas Energy website)
- Plasma-Pulse Micro-fracking is up to 95% LESS costly than hydro-fracking existing wells (source: NBT estimate)
- Near term elimination of ALL PROP convertible debt will reduce downward pressure on the stock
- Our price target for PROP is 8-10X HIGHER than today's price for PROP
In addition to 8/6 news, there are other signs this technology is about to get discovered as they have recently beefed up their staff, in addition to presenting at various....
- Propell Technologies Announces the Addition of Trent Hunter as Chief Technology OfficerGlobeNewswire(Tue, Jul 29)
- PROPELL TECHNOLOGIES GROUP, INC. Files SEC form 8-K, Entry into a Material Definitive Agreement, Unregistered Sale ofEDGAR Online(Thu, Jul 3)
- Propell Technologies to Exhibit Its Plasma Pulse Oil Well Stimulation Process at Global Hunter Securities June Energy Conference in ChicagoGlobeNewswire(Tue, Jun 17)
- Propell Technologies to Take Delivery of Next Generation Well Stimulation Tool in JuneGlobeNewswire(Thu, Jun 12)
Milestone Expected to Result in Larger Addressable Market, Easier Operation and Greater Compatibility with US Wireline Configurations.
.....the company expects to be able to treat the estimated 1 million US vertical and directional wells in its market as opposed to onlqy those with 5.5" casings, estimated to be about half of those in the US.
"With this next gen tool we should be in a position to treat most any vertical well in the country using any wireline truck. Until now we've had to turn away opportunities to treat otherwise ideal wells due to undersized well casings and wireline incompatibility," stated CEO John Huemoeller II. "This is a milestone that we expect to provide significantly greater revenue and profitability going forward."
Technically, the stock closed essentially flat yesterday, however did witness a volume pickup.
In addition, has been seeing ongoing support near current levels:
Bottom line: PROP is beginning to bear fruit on a true game changing technology within the oil industry. Combined with ongoing support near current levels, the risk reward ratio is quite appealing. As a result, look for a pickup developin on this stock into late summer/fall.
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