VeruTEK reports very high increases in heavy oil production using ProBoost enhanced oil recovery chemistry
Wednesday, Jan 16, 2013
VeruTEK Technologies, Inc.®, a developer of high performance chemical solutions for a range of applications including improved oil & gas production, reported substantial oil production gains using VeruTEK ProBoost™ chemistry in heavy oil deposits in the Southern Venezuelan Basin on the island of Trinidad and in the McClouth formation in Kansas. The Trinidad production gains are documented in a case study just released by VeruTEK and available for review: Trinidad Case Study.
“ProBoost has great potential to improve heavy oil recovery. Our return on investment in the first 10 months has been over 750%”
ProBoost has been used in over 20 oil fields and 12 formations in the U.S. and abroad since its introduction in late 2011. Over 60% of all oil resources worldwide are heavy oil, but currently only five percent of the world’s heavy oil is being produced due to production challenges.
In a Trinidad field operated by Houston-based New Horizons Exploration, Inc., VeruTEK ProBoost chemistry injected in combination with a low-cost sand frac increased oil production over 700% and significantly decreased oil viscosity. Productivity gains continue 10 months after initial treatment.
“ProBoost has great potential to improve heavy oil recovery. Our return on investment in the first 10 months has been over 750%,” said Greg Boyles, CEO of New Horizons.
The results werevalidated by The Smart Pumper™, a precision pump controller and data acquisition system manufactured by Direct Drivehead, which provides unbiased automated pump speed control and production monitoring.
Separately, data collected from the McLouth formation in Kansas demonstrated an oil production improvement of greater than 500% following application of ProBoost. The treatment was completed in several hours, using only a pump truck to inject treatment fluids. Improved production results were seen within one day of the treatment, and production was monitored for an additional three weeks. Return on investment from this well treatment has been over 600% to date, and improved production is expected to continue for several months.
Source: Business Wire
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