STUART, Fla., May 22, 2014 (GLOBE NEWSWIRE) -- Ecosphere Technologies, Inc. (OTCBB:ESPH), a U.S. technology licensing and innovative manufacturing company, today announced that the U.S. Patent and Trademark Office has issued a formal Notice of Allowance for Patent # 8,721,898 which is a process patent for lowering the scaling tendencies in flowback water used in the exploration and production of oil and natural gas wells. This notice of allowance marks the seventh patent issued by the U.S. Patent and Trademark Office since 2010 for Ecosphere's patented Ozonix® water treatment technology.
Since 2008, Ecosphere's patented Ozonix ® technology has been used by major energy exploration and production companies around the United States to reduce the amount of chemicals used during hydraulic fracturing operations to release trapped oil and gas from unconventional shale formations. In 2013, the chemicals and equipment sub-markets of the global water and wastewater treatment market were estimated at over $25 billion and $50 billion, respectively, further validating the market demand for innovative chemical-free water treatment solutions.
Dennis McGuire, Chairman and CEO of Ecosphere Technologies, stated, "The latest receipt of our seventh Ozonix ® patent clearly demonstrates that the U.S. Patent Office has recognized our early position as being a leader in the development of emerging advanced oxidation technologies to replace chemicals used during hydraulic fracturing operations. Since 2008, Ecosphere Technologies has pioneered a unique and patented ozone based Advanced Oxidation Process (AOP) to eliminate biocides and scale inhibiting chemicals from the hydraulic fracturing process. Our energy customers have experienced reduced chemical consumption, increased initial well productivity (IP), and reduced chemical costs to frac a well as compared to using traditional chemicals. Microbiologically Induced Corrosion (MIC) is a major concern in the energy business and is a leading expense item in refinery operations."McGuire continued, "When we met one of our first energy customers in 2009, they were injecting their produced water into deep underground Class II injection wells. We showed them how to recycle a major portion of that produced water rather than disposing of it. Ecosphere pioneered the concept of recycling produced and flowback water without using liquid chemicals or filtration technologies that leave behind a toxic waste stream that has to then be properly disposed of. One hundred percent of the produced water that is treated by our patented Ozonix® process can be used 'at the frac site' and at the flow rate of a frac (80-120 bbls per minute) to frac a well."
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
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
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV