Planet Resource Recovery Forms Subsidiary To Deploy PetroLuxus In The Enhanced Oil Recovery Market

Houston, TX - Planet Resource Recovery, Inc., developer, manufacturer and marketer of the PetroLuxus family of products, announced that the company has formed a wholly-owned subsidiary, Oil Recovery Ventures, LLC in the State of Texas. Oil Recovery Ventures, LLC was established to develop the technology and protocols for deployment of the company's proprietary chemical formulation – PetroLuxus. The unique characteristics of the PetroLuxus effect in oil bearing structures will provide an ideal solution to the enhanced oil recovery market.

According to the Office of Fossil Energy of the US Department of Energy, "More than 60% of all known oil reserves in the United States remain untapped because of difficulties in extraction from the ground."

The marginal well segment – wells that oil production has slowed to 15 barrels a day or less – the Office of Fossil Energy estimates, "there are nearly 500,000 of these wells in the US, and together they produce about the same amount of oil as America imports from Saudi Arabia." Due to extraction difficulties and high cost, many marginal wells have been left to continued dwindling oil production until no longer viable and plugged or abandoned.

Oil Recovery Ventures, LLC will utilize a specially blended PetroLuxus derivative for the enhanced oil recovery market that seeks out hydrocarbons in-situ and eliminates the interfacial surface tension between oil and all matter its in contact with including sand, clay, rock and shale. The treatment dislodges the oil for a cost effective extraction. Oil Recovery Ventures, LLC will develop additional technologies and protocols for the enhanced oil recovery markets. The venture is seeking venture partners to deploy the technology.

SOURCE: Planet Resource Recovery, Inc.