Global Resource Corporation (GBRC.PK) reports that the Company is working on a gasification technique to recover Resid Oil. The process has potential to unlock the wealth in the 400,000 capped wells in the U.S.
GBRC will commence Phase II testing to produce valuable energy byproducts from resid oil, a material that remains after crude oil is distilled.
The new tests will prove that the company’s patent pending process can derive upgraded oil and gas from resid oil, drastically increase the price per barrel of the material and avail the possibility of producing oil from capped oil wells, which are now considered non-retrievable, across the country.
“What we have uncovered can potentially unlock billions of barrels of oil and vast amounts of gas from our domestic energy supplies, including capped oil wells,” says Frank Pringle, CEO of Global Resource Corporation. “Producing energy from sources once thought ‘dry’ or unusable is the hallmark of our company, and these tests will prove that our country does not have to rely on foreign derived energy.”
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