Well Power Inc. provides market update
HOUSTON, TX, Feb. 24, 2014 /PRNewswire/ - Well Power, Inc. (OTCQB:WPWR),- (The Company), is pleased to provide information on the potential applications and market size for its licensed Micro-Refinery Unit ("MRU") in the state of Texas. Well Power Inc. has an exclusive license for the MRU which processes wasted and shut-in gas, including natural gas which is otherwise flared. The process is made economical by integrating commercially proven technology with a novel single-vessel which combines the creation of synthesis gas (syngas) with the Fisher Tropsch process.
According to the Rail Road Commission of Texas, the state regulatory body for the oil and gas industry, there has been a significant increase in the number of flaring permits issued by the Commission. In 2011, 651 permits were issued as compared to 3,012 in 2013. This is a 462% increase over two years and corresponds with a dramatic increase in drilling permits. It also indicates that the rapid pace of drilling and well completions is outpacing the capacity of industry to build infrastructure to capture and transport associated gas, also referred to as casinghead gas.
A spokeswoman for the Texas Railroad Commission, Ramona Nye, says most of the flared gas in Texas comes from oil wells, where it is produced as a byproduct. While natural gas production has slowed because of its low price, oil drilling has boomed in Texas and across the country in recent years.
The Eagle Ford Shale, an oil field 50 miles wide that stretches 400 miles along southeast Texas has seen significant increases in production; made possible by a drilling technique known as hydraulic fracturing. Oil production from the Eagle Ford Shale has spiked from 352 barrels per day in 2008 to 677,407 in 2013 (Jan. - November 2013, based on the Railroad Commission of Texas Production Data Query System).
Well Power Inc's President Dan Patience stated that "Significant amounts of usable gas, as well as potential revenue, are simply going up in smoke. This gas can be used on lease once processed into Engineered Fuels or power. This would dramatically reduce harmful greenhouse gas emissions, create revenue streams for excess product, and save operators the cost of bringing in diesel or power."
Well sites are often in remote areas and have to rely on electrical generators powered by big diesel engines. According to exploration and production company Apache's website (Apache leads way to new natural gas trend), the drilling industry nationwide last year used 700 million gallons of diesel fuel to pump sand and water during fracking operations. The industry could realize significant savings by using this otherwise flared gas on lease.
Dan Patience continued, "Well Power Inc.'s MRU is the ideal solution to allow these wells to come on-line faster. Pipeline infrasturucte is not keeping pace, and its costing the industry a significant amount of money. Not only will operators realize revenues faster, but they will be helping the environment by not flaring this raw natural gas and emitting these greenhouse gases. It a win-win".
About Well Power, Inc. (the "Company")
The Company has acquired an exclusive license from MEC, a Canadian publicly listed company that is developing mobile and scalable Wellhead Micro-Refinery Units (MRUs) deployable close to the wellhead to process raw natural gas into liquid fuels and clean power. As a result of the License Agreement, the Company is now a development stage company seeking to commence the new business of distributing MRUs in the State of Texas and from there into other geographical areas.
The Company is looking to position itself as a technology company, which will provide oil and gas producers and operators a solution to process otherwise wasted natural gas, including stranded, shut-in, flared and vented gas and produce valued end-products including Engineered FuelTM (diesel, diluents, synthetic crude) and electrical power.
For more information about the Company please visit our website at www.wellpowerinc.com
Further information on the Company and its filings can be found at www.sec.gov
Forward Looking Statements
Some information in this document constitutes forward-looking statements or statements which may be deemed or construed to be forward-looking statements, such as the closing of the share exchange agreement. The words "plan", "forecast", "anticipates", "estimate", "project", "intend", "expect", "should", "believe", and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve, and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements. The risks, uncertainties and other factors are more fully discussed in the Company's filings with the U.S. Securities and Exchange Commission. All forward-looking statements attributable to Well Power, Inc., herein are expressly qualified in their entirety by the above-mentioned cautionary statement. Well Power, Inc., disclaims any obligation to update forward-looking statements contained in this estimate, except as may be required by law.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
SOURCE Wellpower inc.