BELLEVUE, Wash., April 11, 2011 /PRNewswire/ -- Westmont Resources, Inc. (OTCQB: WMNS) ("Westmont"), today announced that it is in final negotiations to widen its investments into its EcoRecovery4 system ("ER4"). The company previously announced an MOU Agreement with Parker Technology Inc for the inclusion of their Heavy Oil Extraction technology as the core component of ER4.
Westmont is in final negotiations to increase its investment in Parker and its innovative oil extraction method. The company believes ER4 will dramatically increase the production of shale and heavy oil formations over traditional extraction methods and be less harmful to the environment than the most commonly used methods.
CEO Bruce Fischer said, "Westmont plans to grow by up to 35% annually over the next five years, and this increased investment was necessary to build on and further leverage the company's growing reputation."
This leading extraction tool and method meets a growing demand from the heavy oil sector for new technologies to increase production from heavy oil formations. Westmont intends to make significant financial investments in the very near future in this and other cutting edge extraction methods and products, which Westmont also intends to make available to other producers.
President Glenn McQuiston said: "We know how difficult it is in the current climate to invest. Many firms are facing hard times and new technologies may not be high on the list of their priorities, but we believe however that this is precisely the right time to make such investments. ER4 significantly increases the productivity and extraction yields from heavy oil formations over other extraction methods. It allows us to extract heavy oil with less negative environmental impacts and to develop new applications of the same technology to other carbon formations such as natural gas producing shale formations."
About Westmont Resources
Westmont Resources is an independent natural resource and development company headquartered in Bellevue, Washington, with principal operations in the United States. Westmont's business model emphasizes the acquisition and operation of existing producing assets, in the oil and gas industry. As new technologies expand both the exploration possibilities and production of oil and gas in the face of ever-rising demand, obtaining peak efficiency and production from existing aging wells becomes increasingly profitable. Westmont Resources is committed to significant growth as it pursues its strategy to combine and consolidate assets and companies in the oil and natural gas production and services sectors. For more information about Westmont Resources Inc, visit the company's website at www.westmontresources.com
Safe Harbor Statement
This press release contains forward-looking statements regarding Westmont Resources Inc within the meaning of Section 27A of the Securities Act of 1933 as amended, as such, may involve risks and uncertainties. Such statements are based on management's current expectations and cannot be guaranteed. The forward-looking statements discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors affecting Westmont Resources Inc. Forward-looking statements speak only as of the date on which they are made and Westmont Resources Inc undertakes no obligation to publicly revise any forward-looking statement based on the result of new information, future events, or otherwise.
SOURCE Westmont Resources, Inc.