Oil reserves are difficult to assess, often leading to rumors in the U.S. and elsewhere that oil is running out, or at least running low. These rumors are often fueled by inadequate extraction technologies, or a perception that the country as a whole is using too much oil. Now, however, technology has caught up with those “dry wells”. The U.S. may still be pumping less domestically, but with new additives and pumping chutzpa, the market is flowing again.
Planet Resource Recovery Inc., a holding company, works to develop companies and products that offer oil recovery and waste oil remediation artifacts to the oil extraction, storage and remediation industry. Currently, the company is working to offer a proprietary product that dislodges hydrocarbons in an environmentally sound and efficient manner. Primary customers are: storage tank operators, enhanced oil well recovery firms, and environmental remediation companies.
The company feels that its proprietary product line, PetroLuxus, is uniquely positioned to aid oil companies in the recovery, storage and remediation issues associated with petroleum extraction today. From a production standpoint, the product helps to reopen closed wells without the added need of heat/steam processes. Overall, the product appears able to reduce operating costs all along the production and distribution chain.
A pilot plant has been constructed with private funding, and the company holds a realistic expectation that the plant, which is fully scalable, will open in the near future. Additional funding appears to have been put in place with a $5 million infusion through restricted shares and warrants spread over the next three years. Generally, the company appears to be following its fairly detailed business plan at every point. Uniterruped continuation along this path should produce respectable revenues in the near term.
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