OriginOil, Inc. (OTC/BB: OOIL), developer of Electro Water Separation™ (EWS), the high-speed, chemical-free process to clean up large quantities of water, today announced that licensee PearlH2O has scheduled the installation of a commercial-scale three-quarter barrel per minute Frac-Back™ system in California’s Monterey Formation during the fourth quarter of 2013. The PearlH2O system incorporates OriginOil’s EWS Petro™ process at the first stage, to help effectively and economically treat frac flowback water for immediate reuse.
Cory Severson, president of PACE ’s technology spinoff PearlH2O, said, “We are excited about the opportunity to build our first commercial scale system powered by OriginOil’s EWS Petro™ process. Our plan is to deploy this system in the fourth quarter of 2013 at a cost below $1 million. We expect this installation to be the first of many in California within the next year.”
California Governor Jerry Brown recently signed a bill to permit fracking in the state under stringent controls.
“Cleaning frack water for immediate re-use can greatly reduce water use and the impact of tanker truck traffic on California roads,” said Riggs Eckelberry, OriginOil CEO. “This kind of technology is critical to making California’s frack program work.”“This installation is a major step toward building systems as large as ten barrels per minute,” said Bill Charneski, OriginOil COO. “It could validate our system’s ability to continue to scale and also expedite our own pay-per-gallon Throughput Program.” “It is a remarkable milestone for PearlH2O and OriginOil to install Frac-Back systems at commercial scale,” commented Gerald Bailey, OriginOil’s oil and gas industry advisor and former president of Exxon Arabian Gulf, Abu Dhabi, and UAE. “The oil and gas industry is naturally slow to adopt new technologies, making it difficult for many innovators to achieve their first commercial order. We believe that now, prospective OriginOil customers, eager to see the technology in the field, will get the validation they need.” The non-exclusive licensing agreement with PearlH2O, announced in October 2012, launched OriginOil’s private labeling licensing program. In this model, OriginOil is paid a revenue share on the value of the entire system, which can be a onetime purchase or a pay-per-gallon arrangement. Eckelberry continued, “Because our core technology has applications in a number of industries, our licensing business strategy is key to reaching these various markets rapidly and cost-effectively. And our licensees will have access to our pay-by-the-gallon Throughput Program to get deals done quickly without requiring major capital investment.” Water is produced and used in large quantities in oil and gas operations. According to the U.S. Department of Energy, an average of 3 barrels of contaminated water is generated for each 1 barrel of oil produced. In the United States, the average is 7 barrels of water. Greentech Media reports that energy companies pay between $3–$12 to dispose of each barrel of produced water, implying a potential world market value between $300 billion and $1 trillion per year. Tweet this:OriginOil’s EWS Petro to clean frac flowback water at Monterey Formation via Frac-Back system http://www.originoil.com/?p=11439 Follow us on Twitter Like us on Facebook Signup for our Newsletter About OriginOil, Inc. OriginOil has developed a breakthrough water cleanup technology for the oil & gas, algae and other water-intensive industries. Unlike other technologies, the company's patent-pending Electro Water Separation™ process rapidly and efficiently removes organic material from large quantities of water without the need for chemicals. For the oil & gas industry, OriginOil is helping clean up produced water and recycle fracking water, to reduce harm to the environment and lower costs. For the emerging algae industry, OriginOil is making large-scale harvest possible. And in aquaculture, OriginOil is helping improve yields and making seafood healthier by dramatically reducing the levels of toxic ammonia and bacteria in water. For a world short on clean water, OriginOil is the lower-cost and cleaner answer. To learn more about OriginOil®, please visit our website at www.originoil.com. OriginOil Safe Harbor Statement: Matters discussed in this release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this update, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with our history of losses and our need to raise additional financing, the acceptance of our products and technology in the marketplace, our ability to demonstrate the commercial viability of our products and technology and our need to increase the size of our organization. Further information on the Company's risk factors is contained in the Company's quarterly and annual reports as filed with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts