MASON, Mich., Jan. 15, 2015 /PRNewswire/ -- Fossil Bay Energy LLC, an emerging leader in high-spec enhanced oil recovery (EOR) technologies and services, announced today that it has entered into a license agreement with Weatherford Technology Holdings LLC.
Fossil Bay has been granted the exclusive right in the U.S. to make, use and sell exhaust gas handling equipment that incorporates three Weatherford patents in the field of use of oil and gas reservoir injection and pressurization applications.
"With this license from Weatherford, Fossil Bay and its joint venture partners will be able to build low-cost, next-generation, portable exhaust gas CO2 injection equipment to re-pressurize and revitalize thousands of pressure-depleted, marginally-producing stripper wells and abandoned oil fields in America, that still contain billions of barrels of stranded oil, but don't have local access to a CO2 pipeline.
"By drilling new horizontal injection and production wells, we can use our portable exhaust gas CO2 generators in pressure-depleted reservoirs to produce new oil from old oil fields at all-in costs less than $25.00 per barrel and with estimated ultimate recoveries of more than 50%-65% of the original oil in place," says Dan Kulka, CEO of Fossil Bay Energy.
Fossil Bay's portable CO2 EOR process eliminates the need for pipeline-supplied CO2, because its mobile CO2/N2 gas-injection units produce exhaust gas directly at the wellhead. This enables CO2 "huff and puff" and CO2 gas flooding with Nitrogen drive to become an economically-viable and available option for thousands of EOR-worthy oil fields worldwide.
Fossil Bay currently has 100-million barrels of proved oil reserves in its asset portfolio, and is actively pursuing additional EOR opportunities with mineral rights owners and other oil producing companies whose reservoir and geological characteristics can benefit from portable Exhaust Gas CO2-EOR.
About Fossil Bay
Fossil Bay is an emerging leader in high-spec enhanced oil recovery (EOR) technologies and services, fielding the oil industry's next-generation fleet of fully-automated, portable exhaust gas injection CO2-generators to bring low-cost, variable-pressure EOR capabilities on-site to mature and EOR-worthy oil fields not served by CO2 pipelines. Comparatively, the Company's new suite of patented thermal, chemical and portable exhaust gas injection EOR technologies and services can produce new supplies of crude oil from old pressure-depleted conventional oil fields at less than $25.00 per barrel (which is half the cost, with one-tenth the annual decline rate, and up to ten times the ultimate recovery rate of unconventional shale and tight oil resources).