Today at the opening
bell, Well Power provided information on the applications and market size of
its licensed Micro-Refinery Unit (“MRU”) technology. The company’s stock closed
the trading session up 24.4% on strong volume of nearly 7.7 million shares.
An MRU can process
wasted and shut-in gas, including natural gas which is otherwise flared. The
operation 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.
There has been a
significant increase in the number of flaring permits issued by Texas’
regulatory body for the oil and gas industry. 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.
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.
Dan Patience,
president of the company, commented, “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.
“Well Power Inc.’s
MRU is the ideal solution to allow these wells to come on-line faster,” Dan Patience
added. “Pipeline infrasturucte is not keeping pace, and it’s 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”.
For more
information, visit www.wellpowerinc.com
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