Market Pulse News Alert for this AM, Stocks to Watch are: Petrostar Petroleum Corporation (TSX-V: PEP), Ascent Solar Technologies Inc. (NASDAQ: ASTI), Google Inc. (NASDAQ: GOOG) and Terra Nostra Resources Corp. (OTCBB: TNRO).
Investors need to be watching Petrostar Petroleum Corporation (TSX-V: PEP) this AM! Petrostar Petroleum Corporation is an independent government licensed Oil & Gas Operator focused on the development of existing and proven heavy and medium crude oil assets utilizing patented and patent pending Drilling and Recovery Systems and other proprietary technology to enhance oil recovery. Petrostar pursues a balanced strategy combining production and development of Enhanced Oil Recovery technologies. Petrostar has two EOR technologies (the Vertizontal Recovery System (VRS®) and Enhanced Recovery System (ERS - Down Hole Tool < DHT >) that can be integrated with each other and to existing in-situ applications, allowing for maximum technological efficiencies. The VRS® has licensing opportunities for medium to larger sized projects that are well capitalized while the DHT has licensing opportunities for small to medium sized projects. Petrostar is 100% owner and operator of the 320-acre Maidstone Oil prospect located in Central Western Saskatchewan which includes the petroleum and natural gas rights. Currently, there are eight producing vertical wells on the Maidstone property. The company has initiated an aggressive $4 million work-over program to further develop the prospect and increase recovery volumes of the oil reserves and enhance the value of the prospect. The undiscounted cash flow for the project, based on constant oil price of $35 per barrel and capital investment in further developing the prospect of $4.0 million and project life of 30 years, is estimated at $41.5 million. Petrostar has added two horizontal wells with the approximate distance of 1,200 meters each into the reservoir and is initiating a pressure maintenance system. The initial production rate of the two horizontal wells is estimated at 250 to 300 barrels of oil per day. Petrostar also holds working interest in two leases located south of Calgary, Alberta. The Turner Valley Project and the Kew Field Oil and Gas Project are thought to be an extension of a storied and prolific oil and gas field, having had historical production. Turner Valley has produced over 150 million barrels of oil and has dissipated over three trillion cubic feet of natural gas. In the process of completing the first three phases of testing the VRS®, the company has successfully tripled its production and expects production to increase significantly once phases 4 and 5 are completed. With oil futures maintaining its current price, advances Petrostar Petroleum Corporation has made in 2006 and will be making in 2007, the present and future of the company and its shareholders look very promising. Petrostar Petroleum Corporation is poised to become a significant player in the oil and gas exploration industry! Petrostar just had excellent news out in a press release before today's opening bell announcing that it will continue testing of its successful Gen-1 Down Hole Tool and the potential commercialization of the DHT is substantial! Investors need to go to the company's website www.petrostarpetroleum.ca and review this exciting technology! This could be great news for investors!
Petrostar Petroleum Corporation (TSX-V: PEP) is pleased to announce that it has deployed its first generation Down Hole Tool (Gen-1 DHT) in its well A10-6 on the company's Maidstone oil lease. The purpose of this continued testing of the Gen-1 DHT is to duplicate and verify the success the company achieved on the previous testing on wells A9-6 and A15-6, which generated increases in production by 600% and 598%, respectively.
In addition to this test, the company is currently preparing Well A15-6 to test its second generation Down Hole Tool (Gen-2 DHT). The modifications made to the Gen-2 DHT is designed to increase the heating capability of the tool from 190 degrees Celsius to 250 degrees Celsius, resulting in increased steam and pressure build up in the reservoir. The Gen-2 DHT will be deployed by the end of October 2007.
Share of Multi Billion Dollar Enhanced Oil Recovery Technology Field
Worldwide deposits of heavy hydrocarbons are estimated to total almost 5 1/2 trillion barrels, and four-fifths of these deposits are in the Western Hemisphere. (Estimated as at year 2000 figures)
There is currently more oil in North American reservoirs than is expected to be produced from Saudi Arabia and Venezuela combined. On average, only 15% of the "easy oil" is recovered from most medium and heavy crude oil reserves while the remaining oil is abandoned. In North America, tens of thousands of wells containing 70% to 80% of the original oil in place remaining in the formation/reservoir are currently capped due to their lack of economic viability and low & insufficient bottom hole pressure. In 1998, Steam Assisted Gravity Drainage (SAG-D) system was introduced in Canada to enhance production from Oil Sands and Heavy/Medium oil reservoirs, improving production and reservoir sweep efficiency by 15% to 20%. Within two years, over $3.4 Billion in commercial ventures licensing the SAG-D system were in play in North America.
Upon completion of the testing of Gen-1 and Gen-2 DHT, Petrostar will be in possession of adequate data to allow it to move forward with its marketing plan for the Gen-2 DHT. The potential commercialization of the DHT is substantial, as there is as estimated above huge quantities of original heavy oil in place that potentially can be recovered through enhanced oil recovery technologies.
More details of these technologies are available on the Petrostar web site which it is currently going to extensively update and redesign at www.petrostarpetroleum.ca.
Stocks in the news and acting well as of late include: Ascent Solar Technologies Inc. (NASDAQ: ASTI), Google Inc. (NASDAQ: GOOG) and Terra Nostra Resources Corp. (OTCBB: TNRO).
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