Well Power, Inc. (WPWR) Seeks Entrée into Additional Territories

Well Power is interested in curbing the growing concerns caused by gas flaring, a significant problem in the US. It has been estimated that the amount of gas flared within the US has doubled over the past decade and a half. Furthermore, the problem of gas flaring in states like Texas, North Dakota and Wyoming now accounts for over half of the total gas flared in the US and results in losses to the tune of billions of dollars. This arena is an excellent area of opportunity for Well Power, a development stage company that is looking to offer up the Micro-Refinery Unit (MRU) it has licensed from the Canadian company, ME Resource Corp., as a solution.

Well Power has a five-year licensing agreement with ME Resource, which designs and develops mobile and scalable MRUs that consumers—specifically, oil and gas companies—can deploy near wellheads in order to turn raw natural gas into liquid fuels and clean power. Well Power and ME Resource continue to prove out the Micro-Refinery Unit and intend to deploy the first test unit later this year.

With its long-term licensing agreement in place, Well Power has begun to make plans to supply the MRUs throughout Texas. Its exclusive license also gives it the right of first refusal should ME Resource wish to supply the MRUs to other territories within the United States.

Until clean energy replaces dirty fossil fuels, Well Power has thrown its hat in the ring for finding the best practices to curb gas flaring. Despite the fact that flaring causes pollution, creates health issues, and is clearly wasteful, it is pure economics that is currently preventing oil and gas companies from capturing and using wasted gas instead of flaring it. These companies simply find it more cost-effective to burn off the gas rather than to build the infrastructure to get it to market. Many of their wells are also in remote areas and building pipelines to tie into these wells is quite costly.

To curb some of the concerns caused by gas flaring, states like North Dakota are looking to implement a tax–royalty to companies that are able to use green initiatives to reduce the amount of gas being flared and to instead collect them for use as ammonia fertilizer, petrochemicals and compressed natural gas as well as for electricity generation. Well Power is well positioned to offer a way to transform flared gas into energy. It also recently announced that it would re-negotiate its license with ME Resource Corp. so as to expand its distribution route to Wyoming, Colorado, North Dakota, Oklahoma, and New Mexico.

For more information, visit www.wellpowerinc.com

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