VeruTEK Reports Very High Increases In Heavy Oil Production Using ProBoost Enhanced Oil Recovery Che
VeruTEK Reports Very High Increases In Heavy Oil Production Using ProBoost Enhanced Oil Recovery Chemistry
DALLAS & BLOOMFIELD, Conn. & TRINIDAD--(BUSINESS WIRE)-- VeruTEK Technologies, Inc.®, a developer of high performance chemical solutions for a range of applications including improved oil & gas production, reported substantial oil production gains using VeruTEK ProBoost™ chemistry in heavy oil deposits in the Southern Venezuelan Basin on the island of Trinidad and in the McClouth formation in Kansas. The Trinidad production gains are documented in a case study just released by VeruTEK and available for review: Trinidad Case Study.
ProBoost has been used in over 20 oil fields and 12 formations in the U.S. and abroad since its introduction in late 2011. Over 60% of all oil resources worldwide are heavy oil, but currently only five percent of the world's heavy oil is being produced due to production challenges.
In a Trinidad field operated by Houston-based New Horizons Exploration, Inc., VeruTEK ProBoost chemistry injected in combination with a low-cost sand frac increased oil production over 700% and significantly decreased oil viscosity. Productivity gains continue 10 months after initial treatment.
"ProBoost has great potential to improve heavy oil recovery. Our return on investment in the first 10 months has been over 750%," said Greg Boyles, CEO of New Horizons.
The results werevalidated by The Smart Pumper™, a precision pump controller and data acquisition system manufactured by Direct Drivehead, which provides unbiased automated pump speed control and production monitoring.
Separately, data collected from the McLouth formation in Kansas demonstrated an oil production improvement of greater than 500% following application of ProBoost. The treatment was completed in several hours, using only a pump truck to inject treatment fluids. Improved production results were seen within one day of the treatment, and production was monitored for an additional three weeks. Return on investment from this well treatment has been over 600% to date, and improved production is expected to continue for several months.
"VeruTEK's unique ProBoost chemistry has achieved impressive production increases at lower cost and with much less infrastructure than alternative approaches. Technologies that can increase heavy oil production are experiencing strong demand as reserves of lighter, easier to produce oils diminish," said VeruTEK CEO Dan Socci.
VeruTEK Technologies, Inc. (www.verutek.com)
VeruTEK is a high performance green chemistry company with new, field-proven approaches to solving difficult energy and environmental issues. VeruTEK's technology platform addresses a broad range of applications including enhanced oil recovery and soil/groundwater remediation.
Direct DriveHead, Inc.(www.directdrivehead.com
Headquartered in Houston, Texas, Direct DriveHead develops and manufactures The Smart Pumper, a precision pump controller and data acquisition systemmade in the USA.
ProBoost is a trademark of VeruTEK Technologies, Inc.
The Smart Pumper is a trademark of Direct DriveHead, Inc.
KEYWORDS: United States North America Caribbean Connecticut Texas Trinidad and Tobago
The article VeruTEK Reports Very High Increases In Heavy Oil Production Using ProBoost Enhanced Oil Recovery Chemistry originally appeared on Fool.com.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.