Resource Group International, a leading global provider of a patented steam generated enhanced oil recovery technology for extraction of heavy oil for secondary oil recovery, has entered preliminary verbal discussions with a major oil producer in Brazil. The verbal agreement includes terms whereby Resource Group will joint venture with Brazil-Co to utilize its EOR technology on some of its less productive wells.
The joint venture has agreed to test the technology on several wells and if the results are as we anticipate, then the EOR technology will be expanded to include all of the wells that Brazil-Co has that can benefit from the use of EOR methods. There are over 13,000 wells in Brazil alone.
"This is the first of what we anticipate is many international business relationships that we will be working towards in the coming months and years ahead. With EOR opportunities on every continent in the world and 10s of thousands of potential wells as targets, the revenues and profits projections are astronomically huge for us," stated Gregory J. Curry, President and CEO.
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