SOURCE: Planet Resource Recovery, Inc.

March 08, 2010 15:09 ET

Planet Resource Recovery Appoints VP of Oil and Gas Operations

HOUSTON, TX--(Marketwire - March 8, 2010) -  Planet Resource Recovery, Inc. (PLANET) (PINKSHEETS: PRRY), developer, manufacturer and marketer of PetroLuxus™ and other "Green" technologies for the remediation and recovery of the planet's resources, is pleased to announce the appointment of Mr. Kenneth D. Wolcott as Vice President of Oil and Gas Operations. Mr. Wolcott will be responsible for the development and commercialization of PLANET's Oil and Gas Operations through the deployment of PetroLuxus™ products, consulting and field services management.

Mr. Wolcott brings a distinguished twenty-six year career of academic and progressive petroleum industry experience to PLANET. He received his Bachelor of Science in Petroleum Engineering from the University of Wyoming in 1985 and Master of Science in Petroleum Engineering from the Colorado School of Mines in 1991.

His extensive knowledge and experience encompass reservoir simulation modeling development in primary, waterflood, steamflood, gasflood and reservoir engineering. He has experience with light, intermediate and heavy oil, around the world including North Slope Alaska exploration and development, offshore Nigeria and US Gulf Coast, Russia and California. He has managed oil and gas field production including: enhancement/fracturing of wells, design of production and injection wells, production equipment, financial management, transmission and sales of product.

Prior to joining PLANET, Mr. Wolcott was most recently the Manager of Field Development for Magnum Oil Company since August 2005. While at Magnum, he was responsible for overseas project evaluation and field development program support including: reservoir description, simulation, production/injection design, evaluation, well operation programs and facility requirements.

Between January 2002 and July 2005, he worked at Russian Oil conglomerate, Yukos Oil Company where he started as Manager of Production Enhancement & Development responsible to establish and manage production enhancement and development programs. He directed all technical activity concerning new wells, waterflood, fracturing and enhancements on a daily basis. He later moved to Manager of Field Development at Yuko's Moscow Technology Center where he developed rigorous standards for field development programs. These standards were implemented company-wide and are still being taught.

He was the Senior Staff Reservoir Engineer for Nigeria Special Projects from July 1997 until January 2002, at Mobil Technology Company which merged with Exxon in 1999 becoming ExxonMobil Oil Company. He worked and directed staff to develop reservoir characterization models to optimize operations and well placement of numerous Nigerian fields and implement construction of the Edop Field, one of Nigeria's largest offshore fields producing 165,000 barrels of oil per day and targeted to reach 250,000 barrels of oil per day.

At Mobil E&P U.S. Inc., he was the Senior Reservoir Engineer for the Heavy Oil Business Unit from January 1991 through July 1997. He was responsible for reservoir engineering design and economic evaluation on exploration and development of light, intermediate and heavy oil and gas opportunities in the Midway Sunset Oil Field, the largest oil field in California with estimated remaining reserves of approximately 532 million barrels of oil as of 2008. His worked defined and characterized the Belridge diatomite reservoir which has led to implementation of a successful steamflood and an 800 well waterflood infill project with various horizontal well options. 

At Stephen Dean Petroleum Consultants & Resource Technology, (1988 - 1991) he was the Senior Reservoir Engineer where he conducted reservoir simulation studies in conjunction with drill-stem-test (DST) and transient well test analysis. He performed on-site well test analysis and production diagnostics coupled with reserve analysis and property evaluation.

He was the Manager/Senior Reservoir Engineer at North Slope Borough/Barrow Gas Fields in Barrow, Alaska from 1986 to 1988. He was responsible for the financial management, engineering and implementation of a major North Slope gas field expansion project which included: operation of two existing fields with exploration and delineation & development of two fields located 25 miles south of any roads or infrastructure.

Mr. Wolcott began his career at ITT Felec Services, Inc. in Barrow, Alaska where he was a Petroleum Engineer responsible for the safe, uninterrupted gas supply from the Barrow Gas Fields to the village of Barrow, Browerville and Federal DEW Line. He supervised gas field operation and maintenance activities and maintained all Local, State and Federal reporting.

"After considerable review and due diligence of PLANET and PetroLuxus™, I am extremely impressed," stated Mr. Wolcott. He continued, "PetroLuxus™ is a product that the Oil patch is in great need of. A product that can help minimize residual oil saturation, increase recovery and optimize project value is invaluable to the Oil Industry. The market potential for the products and oil field services are immense. I look forward to being a part of this endeavor and eager to build a profitable Oil and Gas Services Operation for PLANET."

About Planet Resource Recovery, Inc.
Houston, Texas-based Planet Resource Recovery, Inc. is the developer, manufacturer, and marketer of unique, environmentally friendly proprietary chemical compounds and processes that will usher in a new paradigm shift in industry. The company is primarily focused on three distinct sectors: 1) Oil & Gas Industry with PetroLuxus™, 2) Remediation of mining toxic byproducts and 3) mining of base and precious metals. The company has developed multi-dimensional compounds and their related processes, technologies and methodologies to provide these sectors enhanced benefits and revenue opportunities. For more information visit: www.planetresource.com or www.petroluxus.com.

Safe Harbor Statement
Certain statements in this release are "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. Such statements are subject to numerous risks and uncertainties. Actual results may vary significantly from the results expressed or implied in such statements. Factors that could cause actual results to materially differ from forward-looking statements include, but are not limited to, the Company's ability to meet the terms and conditions required to obtain its project financing, risks and delays associated with product development, risk of market acceptance of new products, risk of technology or product obsolescence, competitive risks, reliance on development partners and the need for additional capital. PLANET takes no obligation to update or correct forward-looking statements, and also takes no obligation to update or correct information prepared by third parties that are not paid for by PLANET.

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