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Flaring continues to be a problem - Well Power Inc. plans negotiations with MEC to acquire additional territories
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PR Newswire
HOUSTON, TX, May 7, 2014
HOUSTON, TX, May 7, 2014 /PRNewswire/ - Well Power, Inc. (OTCQB: WPWR),- (The Company), is looking at taking advantage of the growing concerns of flared gas in the United States by offering its licenced 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 losess 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 utilising 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 Company states, "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 Licence with MEC Resources to include the states of Wyoming, Colorado, North Dakota, Oklahoma, and New Mexico."
For more information on the Company please visit our website at www.wellpowerinc.com.
About Well Power, Inc. (the "Company")
The Company has acquired an exclusive license from MEC, a Canadian publicly listed company that is developing mobile and scalable Wellhead Micro-Refinery Units (MRUs) deployable close to the wellhead to process raw natural gas into liquid fuels and clean power. As a result of the License Agreement, the Company is now a development stage company seeking to commence the new business of distributing MRUs in the State of Texas and from there into other geographical areas.
The Company is looking to position itself as a technology company, which will provide oil and gas producers and operators a solution to process otherwise wasted natural gas, including stranded, shut-in, flared and vented gas and produce valued end-products including Engineered FuelTM (diesel, diluents, synthetic crude) and electrical power.
For more information about the Company please visit our website at www.wellpowerinc.com
Further information on the Company and its filings can be found at www.sec.gov
Forward Looking Statements
Some information in this document constitutes forward-looking statements or statements which may be deemed or construed to be forward-looking statements, such as the closing of the share exchange agreement. The words "plan", "forecast", "anticipates", "estimate", "project", "intend", "expect", "should", "believe", and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve, and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements. The risks, uncertainties and other factors are more fully discussed in the Company's filings with the U.S. Securities and Exchange Commission. All forward-looking statements attributable to Well Power, Inc., herein are expressly qualified in their entirety by the above-mentioned cautionary statement. Well Power, Inc., disclaims any obligation to update forward-looking statements contained in this estimate, except as may be required by law.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
SOURCE Wellpower inc.
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