"The payment of this final amount secures our exclusive rights to use this unique drilling process in the United States and Canada," said John O'Keefe, Verdisys' CFO. "We look forward to creating a profitable business with this license and our specialty drill units."
Under the terms of the license agreement all up-front payments have been made. In the future, the inventor will receive a royalty payment of $500 for each well drilled by Verdisys using this patented process. The license gives Verdisys exclusive rights to apply the technology in all of the U.S. and Canada except for part of Colorado West of the Rockies, and Utah.
Verdisys entered into an agreement to license this process based on U.S. patents relating to certain oil and gas well production enhancement techniques and devices and related trade secrets with the inventor and holder of the patents and trade secrets, Carl Landers. The licensor retains some self-use rights but may not compete with the licensee. Any improvements to the technology remain the sole property of the licensor but are provided to Verdisys without additional licensing fees.
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