SOURCE: The X-Change Corporation
HOUSTON, TX--(Marketwire - Oct 25, 2012) - X-Change Corporation (OTCQB: XCHC) announced today through their subsidiary, Cutbank Operating Company, the launch of a new green fracturing fluid system called "Rebound" for their drilling program in the Daniels and Roosevelt County Bakken Play . Due to successful well completions in the Eagleford, Texas Shale play, the company expects higher initial productions rates and larger reserve recovery.
The Eagleford wells' success is a lead into utilizing the technology into the Bakken for Cutbank Operating's drilling program. The company plans to utilize the technology to optimize its completion strategy. The" Rebound" product was specifically engineered to help improve production on liquids rich unconventional wells. In addition, "Rebound" is a green product that is readily biodegradable.
Cutbank Operating's partner, SourceRock Energy Services successfully pumped the new product "Rebound" fracturing fluid system on several Eagle Ford wells in South Texas. The new technology helped improve the blender hydration efficiency of fracturing systems that utilizes a concentrated guar system suspended in mineral oil. Well results show as much as 15% improvement in the 3 minute hydration viscosities and associated hydration times in the field. The "Rebound" product aids in the blending of the fracturing fluid, and serves as a flow back aid when pumped down hole by reducing fluid phase trapping in the reservoir, mitigating fines migration, and improving load recovery during the fracture flow back stage of the completion process. As a result, the "Rebound" technology yields higher Initial Production rates and larger reserve recovery.
Dan Morrison, Executive Vice President of Cutbank, states, "Unconventional wells like those currently being drilled and completed in the Bakken Shale play, require unconventional solutions. By incorporating the flow back aid into the guar slurry suspension, "Rebound" makes the introduction and utilization of a flow back aid both economical and feasible for unconventional projects with tight operating windows. The ability to utilize more economical guar supplies without sacrificing performance is a tremendous value opportunity in our development strategy. At the end of the day, the most successful technologies for unconventional wells will be the ones that help reduce well construction costs, reduce mechanical risk, are environmentally focused, and have a significant impact on production. We are excited that this product is a unique green fracturing technology being utilized in the oil and gas industry. We are pleased with our joint initiative between the two companies and look forward to using "Rebound" in our well development program."
The significant increase in efficiency shown by the "Rebound" technology will ultimately equate to less formation damage from the fracturing fluids, quicker clean up, fines migration mitigation, and most importantly a more productive well.
About X-Change Corporation:
X-Change Corporation is building interests in a broad range of oil and gas projects worldwide. The Company is an independent energy company engaged in the production, development, acquisition, exploitation and exploration of crude oil and natural gas. For more information please visit www.xchange-corp.com.
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement containing works such as "anticipate," "seek," intend," "believe," "plan," "estimate," "expect," "project," "plan," or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include the future U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations.
About Cutbank Operating, Inc.:
Cutbank Operating Company uses innovative technologies, proprietary resources, and an abundant of field expertise to provide drilling operations and solutions to its clients in the energy industry. Projects are evaluated to increase asset value through detailed analysis of the situational requirements followed by exceptional operational execution. Cutbank strives to provide the most technologically advanced solutions to the myriad of problems encountered by its clients who have active operations in a diverse portfolio of basins throughout the world.
About SourceRock Energy Services, Inc.:
SourceRock Energy Services specializes in the development of new green technologies for unconventional, Brown field and Enhanced Oil Recovery (EOR) assets to impact reserve recovery. The company partners with oil services companies and operators to employ efficient technology for greater production output. For more information please visit www.sourcerockenergyservices.com.