PCTL Subsidiary 21st Century Energy Solutions Announces Customer Update Concerning Remedial Stimulation Treatment
PCT LTD (PCTL) announced an update from its subsidiary, 21st Century Energy Solutions, regarding a customer in Murray County, OK. The initial remedial treatment led to a significant production increase from 5 barrels per day to a peak of 30 barrels per day—a 600% rise—with minimal water present. The treatment utilized the ECA 'Super-Catholyte' by Maverick Energy Solutions. Additional results are expected in Q1 2023.
- Production increased from 5 barrels per day to 30 barrels per day, marking a 600% growth.
- Treatment yielded initial production rates three times higher than previous levels with low water visibility.
- None.
Customer Located in Murray County, OK
Little River, SC, Dec. 14, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire -- PCT LTD (“PCTL” OTC Pink): 21st Century Energy Solutions, a subsidiary of PCTL, announces an update concerning our newest customer in our Oil Recovery program. The project is in the Oil Creek formation, Murray County, OK.
Initial remedial stimulation treatment of the well was performed by our partner, Maverick Energy Solutions, Holdenville, OK, using 21st Century Energy Solutions’ priority ECA “Super-Catholyte”. After treatment in late November, the well was shut-in for a few days, as planned.
Our customer’s wells in the Oil Creek Formation consistently had an initial and steady rate of production of 5 barrels per day with little or no visible water with negligible variance from 5 barrels per day through the first year of production.
We are pleased to announce initial remedial stimulation treatment results over the last two weeks as follows: The first day back in production the well was producing oil at a rate of 15 barrels per day, a volume three times that of its initial production rate, with little visible water present. Subsequently, the well is producing at a steady daily rate of 30 barrels per day – a
We will release information during Q1 2023 as additional results become available to us.
About PCT LTD:
PCT LTD ("PCTL") focuses its business on acquiring, developing, and providing sustainable, eco-friendly disinfecting, cleaning, and tracking technologies. The company acquires and holds rights to innovative products and technologies, which are commercialized through its wholly owned operating subsidiaries, Paradigm Convergence Technologies Corporation, 21st Century Healthcare, Inc. and 21st Century Energy, Inc.
Forward-Looking Statements:
This press release contains "forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements." Such statements involve risks and uncertainties, including but not limited to: PCTL's ability to raise sufficient funds to satisfy its working capital requirements; the ability of PCTL to execute its business plan; benefits arising from the transfer of assets into the two subsidiaries; the ability of the subsidiaries to attract investment and strategic alliance opportunities; and any other effects resulting from the information disclosed above. Important factors that could cause actual results to differ materially from the forward-looking statements PCTL makes in this press release include market conditions and those set forth in reports or documents it files from time to time with the SEC. PCTL undertakes no obligation to revise or update such statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Contacts
Investor Relations Contact
Tim Rieu
410-825-3930
or
ir@pctl.com
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FAQ
What is the recent production update for PCT LTD in Murray County, OK?
What technology was used in the oil recovery project by PCT LTD?
When will PCT LTD release additional results from the oil recovery program?
