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Last $0.18 USD
Change Today 0.00 / 0.00%
Volume 17.0K
PROP On Other Exchanges
Symbol
Exchange
OTC BB
As of 8:10 PM 04/24/15 All times are local (Market data is delayed by at least 15 minutes).
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Company Description

Contact Info

1701 Commerce Street

2nd Floor

Houston, TX 77002

United States

Phone: 713-227-0480

Fax: 713-513-5700

Propell Technologies Group, Inc., through its wholly owned subsidiary, Novas Energy USA, Inc. (Novas), engages in the commercial application of a proprietary ‘Plasma-Pulse Technology’ to enhance the recovery of oil in the United States and Mexico. Novas Oil Recovery Enhancement In 2013, Novas entered into an exclusive, perpetual royalty bearing license agreement with Novas Energy Group Limited (Licensor) which was amended in March 2014 and granted Novas the right to practice, develop, use, market and commercialize the proprietary process of the Licensor, which consists of a specially designed apparatus and certain proprietary technology, methods and processes that might be applied to enhance the production of hydrocarbon deposits using metallic plasma-generated, directed, non-linear, wide-band and elastic oscillations at resonance frequencies. The amended license agreement also provides Novas with the right to design and have manufactured the apparatus and to make modifications and improvements to the Plasma Pulse Technology provided that the Licensor is provided a non-exclusive license to any such improvements and modifications and any patent rights of Novas related to the Plasma Pulse Technology. The process utilizes a down-hole tool that is lowered into vertical wellbores to the perforated oil producing zone. When initiated, the tool delivers metallic plasma-generated, directed, non-linear, wide-band elastic oscillations at resonance frequencies to enhance oil production using the tool developed by the Licensor and enhanced by Novas. The technology is suitable for oil wells as deep as 12,000 feet. The company is in the process of developing a tool to treat 4 ½-inch cased wells and also horizontal wells. The company has used the technology to treat 27 wells in the United States in 5 states; Kansas, Louisiana, Oklahoma, Wyoming and Texas. The tool and subsequent well treatment have been credited with increasing oil production and injector well fluid flow in approximately 150 wells outside of the United States in Russia and China. Target Customers The company’s initial target customers have been smaller marginal or ‘stripper’ oil wells that have experienced reduced oil production. The company also intends to target newer wells that were drilled and have experienced declined production. Regulations The company is subject to the requirements of the federal Occupational Safety and Health Act (OSHA), and comparable state laws. The OSHA hazard communication standard, the EPA community right-to-know regulations under the Title III of CERCLA and similar state laws require that the company organizes and/or disclose information about hazardous materials used or produced in its operations. Also, pursuant to OSHA, the Occupational Safety and Health Administration has established various standards related to workplace exposure to hazardous substances and employee health and safety. History Propell Technologies Group, Inc. was founded in 2012.

 

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