Regions Oil and Gas, Inc. announced today, they are exploring the use of a state of the art technology relating to secondary oil recovery. This unique Enhanced Recovery Method has been shown to increase production of marginal wells up to 100 fold. Reaching new levels in oil production such as this can mean billions of dollars in new revenue to the industry.
“In February 2006, a series of technical reports released by the Department on Energy Office of Fossil Energy highlight the significant potential for state-of-the-art and advanced oil recovery technologies to significantly contribute to the development of the large volume of remaining undeveloped domestic oil resources in the United States. Ten basin-oriented assessments- four new, three updated and three previously released- estimate that 89 billion barrels of additional oil from currently “stranded” oil resources in ten U.S. regions could be technically recoverable…”
Company officials for RGNO have expressed their excitement with regards to this new technology. Implementation, after field trials, could be as early as August of 2007.
“While there are a lot of companies out there that have proven track records when it comes to enhanced recovery projects, we have narrowed down our search to one company. We feel this company has the best ideas and are on the leading edge of a technology breakthrough in the patch. As we get further along in the process of acquiring the rights to this product we will provide further updates,” Stated Jerry Griggs, CEO, Regions Oil and Gas.