HOUSTON, TX--(Marketwired - Aug 10, 2016) - Propell Technologies Group (OTCQB: PROP) (the "Company"), a U.S. provider of enhanced oil recovery technology, announced today that it will begin a program to treat 15 wells for Pemex, Mexico's state-owned petroleum company (Petróleos Mexicanos) through the Company's partner in Mexico, Pozotech/Grupo Industrial RJP.
The Company intends to use its proprietary 3.5 inch, Gen 2 Plasma Pulse (PPT) tools to treat the 15 wells and expects to commence treatment of the first well in late August with the program running through December 2016.
Propell CEO C. Brian Boutte stated, "We're excited to move forward with Pemex and have recently completed maintenance and operational training on the Gen 2 tools for the engineering personnel of Pozotech/Grupo Industrial RJP." He added, "We expect that this initial well treatment program should net approximately $375,000 for the Company."
ABOUT PROPELL TECHNOLOGIES
Propell Technologies Group, Inc. (OTCQB: PROP) is an oil exploitation and production acquisition company which intends to build and grow a base of producing assets by leveraging M&A and operational expertise, and by using advanced technology, including the Plasma Pulse technology. Its plan is to further benefit from a corresponding development of untapped hydrocarbon reserves once oil supply/demand rebalances and prices rebound. http://propell.com/
This press release contains forward-looking statements of our current expectations and projections about future events within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases forward-looking statements can be identified by terminology such as "may," "should," "potential," "continue," "expects," "anticipates," "intends," "plans," "believes," and similar expressions. These statements are based upon current beliefs, expectations and assumptions and are subject to a number of risks and uncertainties, many of which are difficult to predict and include statements regarding commencing treatments of the first well with Gen2 PPT tools in August 2016, the program running through December 2016, netting $25,000/well for a total of $375,000, our intent to build and grow a base of producing assets by leveraging M&A and operational expertise, and by using advanced technology, including a Plasma Pulse well treatment and our plan to further benefit from a corresponding development of untapped hydrocarbon reserves once oil supply/demand rebalances and prices rebound.. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from those reflected in our forward-looking statements include, among others, our ability to commence and continue the test program for Pemex as scheduled, our ability to net $25,000 for each treated well and $375,000 through December 2016 in total, our ability to find and complete suitable acquisitions, our ability to successfully benefit from an oil supply/demand price rebound and the timing of any price rebalances and the other factors described in our Form 10-K for the year ended December 31, 2015, and our other filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this press release is provided only as of the date written, and we undertake no obligation to update any forward-looking statements contained in this press release on account of new information, future events, or otherwise, except as required by law.