Well Power Inc. (WPWR) Aims to Expand into Five Additional States as Flaring Issues Continue

Today before the opening bell, Well Power announced it is looking at taking advantage of the growing concerns of flared gas in the United States by offering its licensed Micro-Refinery Unit (“MRU”) as a solution.

As the amount of flared gas continues to grow in the United States, which has doubled since 2000, an excellent value proposition for Well Power exists. As the company continues to prove out the Micro-Refinery Unit (“MRU”) and deploy its first test unit later this year, the growing problem of flared gas in such states as Texas, North Dakota, and Wyoming, now account for more than half of the gas flared in the US resulting in losses in the billions of dollars.

This is evidenced by a Sierra Club.org article where it states, “In fact, in 2012 flaring amounted to a loss of $1 billion in fuel. Until clean energy replaces dirty fossil fuels, the industry should work to find best practices to curb flaring.” In addition, the World Bank data shows that U.S. gas flaring has grown rapidly over the past five years, from 78 billion cubic feet in 2007 to 251 billion cubic feet in 2011, a 223 percent increase.

One may ask the question, why are these oil and gas companies flaring all this gas instead of capturing it or utilizing it. The answer to this is pure economics. Companies find it more cost effective to burn off the gas than to implement and build infrastructure to get the gas to market. Many of these wells are in remote areas and building pipelines to tie into these wells is costly and not economical. In addition, flaring causes pollution, creates health concerns, and is economically wasteful.

In order to curb some of these concerns, states such as North Dakota are looking at implementing a tax -royalty to companies that are able to use green initiatives to be able to collect and reduce the amount of gas being flared.

Dan Patience, President of the Well Power, stated, “If these leading oil and gas producing states are successful at implementing proposals to use flared gas to produce ammonia fertilizer, petrochemicals, compressed natural gas and for electric generation then Well Power is well positioned to offer a way to convert flared gas into energy and thus, will seek to expand its License with MEC Resources to include the states of Wyoming, Colorado, North Dakota, Oklahoma, and New Mexico.”

For more information, visit www.wellpowerinc.com

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