Over the
course of the last year Well Power has issued news releases nearly every month
to inform shareholders of overall progress and steps taken to establish a
sturdy territory to which the company plans to market gas flaring technology.
Just around the corner are two significant markers that will create for the
company a potentially game-changing wave of opportunity within the oil and gas
industry.
Well Power
holds the exclusive license of ME Resource Corp.’s (“MEC”) Wellhead
Micro-Refinery Units (MRUs). MEC, a Canadian company, is creating mobile and
scalable MRUs that are deployable close to the wellhead to process raw natural
gas into liquid fuels and clean power.
Gas
flaring is a method of incinerating impurities in raw natural gas and carbon
dioxide, but without the proper equipment in place, much of the wasted fossil
fuel is expelled directly into the atmosphere – resulting in billions of wasted
dollars and detriment to the surrounding environment.
As a
result of the license with MEC, Well Power is permitted to distribute the MRUs
solution in the State of Texas and from there into other geographical areas,
such as North Dakota and Wyoming, with growing flared gas concerns. This is
important because the explosive rate of drilling across these states has long
outpaced the equipment, supplies, manpower and services necessary to construct
gas gathering pipelines.
Development
of the product is ongoing, with the first MRU expected in the near future. In a
shareholder update this last fall, Well Power announced that an area has been
chosen to build the MRUs prototype unit, from which the commercial units will
be molded, and that process engineers have been recruited to design the unit
and its various components. Furthermore, discussions are ongoing to raise
capital to begin construction of the commercial unit – this announcement
represents “significant marker No. 1.”
World Bank
data shows that U.S. gas flaring has increased 223% in the last five years and
experts and civilians alike have long cried for a reversal of this trend. Cue
“significant marker No. 2.”
In 2012
the Environmental Protection Agency gave natural gas and oil drillers until
2015 to invest in equipment that cuts toxic air emissions from fracking wells.
While the original plan was for the mandate to go into effect years ago,
regulators gave companies extra time to comply due to a lack of adequate clean
technology. As 2014 tapers to an end, the deadline is upon the industry.
Granted,
it’s a fairly safe assumption that many drillers have already lined up a
compliance solution to meet approaching regulations. But for newcomers,
drillers dragging their feet, and those unsatisfied with high costs and subpar
efficiency of their existing solutions, Well Power’s MRUs will represent a
feasible, cost-effective way of turning wasted-gas opportunities into revenue
streams with a nominal initial investment. Based on proprietary technology,
MRUs are mobile, high-yield and can be deployed with minimum capital
expenditure, creating value from a wasted resource while contributing to
improved environmental conditions and economic development for local
populations.
Well
Power’s plan is to be able to provide its technology in conjunction with
full-service engineering, design, construction, modular fabrication, and
maintenance and construction management services. The company also intends to
offer consulting services, process assessments, feasibility studies, technology
evaluation and project finance structuring, among other services, to clients in
the upstream areas of exploration and production.
With
incredible opportunity on the horizon and an established exclusive license
agreement, Well Power is worth keeping an eye on.
For more
information visit www.wellpowerinc.com
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