Global Resource announced after the bell that they will begin a testing process to find if it is possible to produce valuable energy byproducts from resid oil, a substance which remains after crude oil is distilled. Successful tests will prove that Global Resource’s patent pending process can produce oil and gas from resid oil which has been considered non-retrievable across the country.
Frank Pringle, CEO of Global Resource Corporation stated, “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. 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.”
Similar samples tested have brought forth good results which offers great hope that successful results will be produced by the Phase II testing. The Department of Energy estimates that when a producing well is capped, there is still 60-65% of heavy oil left over. This remaining oil existing in 400,000 capped wells has the potential of being retrieved and used to supplement the United States’ domestic energy needs.
The company is very optimistic to see the results as initial tests have shown that gasification is possible.
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