EOR Domestic, LLC, has been established to enhance stripper well production of heavy oil using two distinct methods and technologies.
San Diego, CA, USA, September 8, 2010 (PRESSbooth.ORG) -- EOR Domestic, LLC, has been established to enhance stripper well production of heavy oil using two distinct methods and technologies. It has obtained a 10-year, royalty-free license of a patented, proprietary and environmentally-friendly additive technology that reduces the viscosity of heavy oil while dramatically increasing the production.
Worldwide, the Heavy Oil industry is a $155 billion-a-year business, and is expected to continue growing as oil demand increases and supplies dwindle. According to the Department of Energy, one out of every six barrels of oil produced in the United States is from a marginal, stripper oil well, and over 85 percent of the total number of U.S. oil wells are now classified as such. These are wells that are considered to be nearing the end of their economic life due to the lack of technology capable of extracting the remaining heavy oil. There are approximately 396,500 of these wells in the United States, and together, they produce the equivalent of 10 percent of the lower 48 states’ oil production. Today, many of these wells are marginally economic and at risk of being prematurely abandoned, leaving meaningful quantities of oil remaining behind.
The first production enhancement method involves the introduction of a special additive solution to the well. The solution is a non-toxic, multi-patented formulation. It is applied in concert with either water or steam injection through existing oil field equipment, requiring no new capital investment. This proprietary formula has been 100% successful in enhancing oil recovery in over 400 wells (3x – 17x previous production) over 10 years of field tests in Kern County, California, an area known as the “Silicon Valley” of heavy oil. It is designed specifically as a non-hazardous liquid that is stable up to over 325 degrees Fahrenheit and keeps complex carbon chains in a liquid form. The formulated solution reduces the viscosity of heavy oil found in older wells, thereby permitting the oil to more easily flow and readily pumped out of the ground.
The second production enhancement method uses a special technology to pinpoint the optimal locations for drilling additional development wells on the acquired properties. The technology is known as magnetic resonance and it will be employed by EOR to determine the sites which possess the highest probability of success and to determine the depths of potential reserves.
Initially, these techniques will be applied to wells in the Cottonwood Red Fork Unit (part of the massive East Cushing Field, which in the 1920’s accounted for 17% of the United States production volume), immediately after obtained funding to finance the acquisitions and operations. Subsequently, the same enhancement techniques will be applied to future acquisition targets. Given there are over 396,500 stripper wells in the United States that produce an estimated 335,000,000 million barrels of oil per year, there are believed to be abundant growth opportunities. EOR has partnered with JCF Consulting Inc. and JCF Capital Advisors, LLC to secure $3,000,000 in angel, venture capital, or private equity funds to finalize initial property acquisition and commence production using these enhancement technologies.
EOR Domestic LLC, was formed by a team of veteran management executives with significant experience in the oil and gas industry who have held senior positions in some of the largest oil production companies. The EOR management team is determined to revolutionize the heavy oil production arena and decrease the national dependence on foreign oil supply by implementing proprietary technology.
For more information, please contact Justin Floyd, Vice President of Finance, EOR Domestic, Inc. at justin @ jcfconsulting.com.
JCF Consulting Inc. is a management consulting firm and JCF Capital Advisors, LLC is a capital advisory group with a vast network of angel capital, family office, venture capital, private equity, and institutional investors. Our investor network reach extends to over 950 angel capital groups, 20,000 angel investors, 750 family offices with $150B of assets under management, and over 4,300 venture capital and private equity firms.
Contact:
Justin Floyd
JCF Consulting, Inc.
4370 La Jolla Village Drive, Suite 400
San Diego, CA. 92122
858-646-3028
justin @ jcfconsulting.com
http://www.jcfconsulting.com
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