Well Power, a leading innovator in gas-flare-reduction technology, has recently secured a new investment agreement as the company moves forward with its prototype micro-refinery unit (MRU) work that it is currently undertaking in Texas.
Recently, Well Power announced a deal with LG Capital for an investment in the company. Two convertible notes were issued. The first note, due November 18, 2015 in the principal amount of $78,750, was issued in exchange for $78,750 in cash. The second note, due November 18, 2015 in the principal amount of $78,750, was issued in exchange for a full-recourse collateralized promissory note from LG Capital in the amount of $78,650.
Well Power is currently working on its micro-refining technology, which is intended to greatly reduce gas flaring in the U.S. Flaring has contributed to a loss of as much as 30 percent of gas supplies due to burning off of gas with no way to retain or re-capture it during the processing and refining cycles.
Well Power is developing a prototype MRU, which would not only re-capture the flared gas, but would also work to process and refine it into usable fuel. This not only would help the environment by reducing the expended emissions from refining, but would also improve the gas supply and output levels at various oil and gas plays in the U.S.
In an article posted last month, we noted that in North Dakota alone, it was estimated that nearly one-third of all gas produced last year was flared or lost to supplies. Flared gas has been defined as lost gas, and thus lost revenue.
For more information, visit www.wellpowerinc.com
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