Plateau Mineral Development to Facilitate Heavy Crude Oil Production
Plateau Mineral Development, along with its partner, EnSol, LLC, announced that the firm has been given a Letter of Intent (LOI) from Hansen Consulting to joint venture the production and lifting of heavy crude oil. The Hydrocarbon Decomposition Process created by Mr. William Strange, current President of PMD, creates a "solvent" that facilitates the "lifting" of heavy crude oil. Application of the "solvent" reduces the friction, API gravity and viscosity of the oil causing the oil to flow freely in the wellbore. Tests run on a Woodbine well in East Texas have showed remarkable results.
Hansen Consulting has acquired several proprietary mechanical, chemical and other processes representing new technologies and is currently testing some of the reservoirs. More than 30 million barrels of oil in proven reserves in the Trinity Sands and Paluxy formations in Texas are available and currently cost prohibitive. These reserves will become profitable with the solvent produced by the Hydrocarbon Decomposition Process. Hansen estimates that the 30 Million barrels in the formations that are available and sellable at current prices can produce $2.200 billion in general revenue with $840 million in gross revenue remaining for the joint venture. According to Mr. Hansen, "We have been successful in locating studies conducted by Universities in Texas, Oklahoma, Missouri, Kansas and Colorado in the past few years of logs and salient data. These studies show that many fields have 70% or more of the original oil in place, but due to specific API gravity or other 'lifting' conditions, are uneconomical to recover at the present time."
Plateau's President, Bill Strange states, "The solvent has been shown to be cost effective to reduce the cost of lifting 'heavy oil' by an amount of at least $20 plus per barrel. We are ready to roll forward to capitalize on the opportunities before us."