TOPEKA, Kan., Dec. 13, 2011 /PRNewswire/ -- Nikron Technologies, Inc. (OTC Pink: NKRN) is pleased to announce that it is working with the Wyoming Enhanced Oil Recovery Institute in furtherance of the common objective of a cost effective solution to the recovery of proven oil reserves which have heretofore been non-recoverable heavy oil.
The University of Wyoming, with the cooperation of the state legislature, has created an Enhanced Oil Recovery Institute (EORI) with its School of Energy Resources. The purpose of the Institute is to assist Wyoming producers with the recovery of "stranded" oil. Accordingly, EORI's mission includes facilitation of the testing, evaluation and documentation of EOR technologies in real world environments. It aims to assist in the creation of benchmark innovative petroleum practices and transfer that "know how" to Wyoming operators through workshops, conferences and projects. A Technical Advisory Board (TAB) comprised of leading experts from universities and energy companies throughout the U.S. provides technical oversight of EORI work (see www.uwyo.edu/eori).
In developing the most complete Wyoming EOR-specific dataset that exists, EORI has estimated that additional recovery of oil from the state's depleted oil fields using advanced EOR technology could total more than 1 billion barrels of additional production over the next 20 years. In 2009 approximately 51.3 million barrels of oil were produced in Wyoming. About 12 percent, or 6 million barrels, of that oil was produced from EOR projects.
Nikron's approach, which is of extreme interest to the Institute, is the use of super heated steam to reclaim oil in shallow wells. Nikron has spent the past several years developing environmentally friendly proprietary technology which relates to high temperature steam generators used in the recovery of heavy oil.
Dave Mohrbacher, Director of the Institute, said: "We have been working with Nikron for some time, and look forward to building and enhancing our cooperative relationship. EORI has screened Wyoming reservoirs using our institute's data base, and we have identified reservoirs in which Nikron's steam technology may be applicable. EORI will assist with field demonstration of Nikron's technology in Wyoming."
ABOUT NIKRON TECHNOLOGIES:
Nikron Technologies, Inc. (OTC Pink: NKRN) is a natural resource company with the specific purpose of conducting enhanced oil recovery operations. The Company has developed breakthrough proprietary enhanced oil recovery technology and has an aggressive development vision focused on utilization of this scientific system to extract additional oil from proven, mature oil fields, thus negating the high and risky costs associated with drilling and exploration. The innovative Nikron technology offers a different and exciting approach to oil development which has the potential to be "game changing" and propel the Company to the forefront of the industry. For more information please visit Nikron's website at www.nikrontech.com.
This summary contains forward-looking statements within the meaning of the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995. These statements address future events and conditions concerning the Company's business plans. Such statements are based on management's current expectation and are subject to a number of factors and uncertainties, such as future economic conditions and changes in anticipated revenues and costs, which may cause actual results to differ materially. The Company expressively disclaims any future obligation or undertaking to update or revise any forward-looking statements contained herein. Investors and potential investors should independently investigate and fully understand all risks before making investment decisions.
For more information contact us at:
Nikron Technologies, Inc.
3101 Southwest Shadow Lane
Topeka, KS 66604
Phone (785) 357-1055
Fax (785) 357-1105
SOURCE Nikron Technologies, Inc.