WINSTON-SALEM, N.C., Dec. 10 /PRNewswire-FirstCall/ -- Plateau Mineral Development, Inc. (Pink Sheets: PMDP - News), along with its partner, EnSol, LLC, announced yesterday that the firm has been given a Letter of Intent (LOI) from Hansen Consulting to joint venture the production and lifting of "heavy crude" oil. The Hydrocarbon Decomposition (HD) Process created by Mr. William Strange, current President of PMD, creates a "solvent" that facilitates the "lifting" of heavy crude oil previously uneconomical. Application of the "solvent" reduces the friction, API gravity and viscosity of the oil causing the oil to flow freely in the wellbore. Tests have shown remarkable results. More than 30 million known barrels of oil in proven reserves are available and currently cost prohibitive.
The Hydrocarbon Decomposition (HD) Process creates gas, oil, carbon black and solvents. The feed stock is used tires. There are about 300 million tires thrown away every year. One used tire weighs on the average 22.5 pounds and contains two gallons of fuel as well as other chemicals. The HD process also has as a byproduct solvent which is used as cutting oil for drill bits, drag reducer for pipeline and as an Asphaltene cutter. Well operators have found that the solvent breaks down paraffin which impedes the flow of oil and gas. The ordinary well maintenance to clear paraffin and "clean" the bore costs roughly $3,000 to $10,000; HD solvent does the job for about $200 and saves down time.
An initial investment of about $300,000 to build a functional bench model will be used in production to create approximately $2,252,838 in revenue after six months. The mobile version can be transported in a full sized pickup truck. It will produce approximately 500 gallons in a 24 hour period. Initially several wells will be chosen with different depths, porosity, paraffin content, permeability, API gravity, and Asphaltenes content.
Plateau's President, Bill Strange states, "Pumping 3,000 barrels a day will produce approximately $28 million in revenue annually to the joint venture. We are ready to roll forward to capitalize on the opportunities before us."
About Plateau Mineral Development, Inc.: Plateau Mineral Development, Inc. specializes in the exploration and development of energy sources. Its partner, Plateau Mineral Development LLC, has been in existence for over five years with successful new wells and rework wells selling both gas and oil.
Safe Harbor Statement: This news release contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. When used in this release, words such as "estimate," "expect," "anticipate," "projected," "planned," "forecasted" and similar expressions are intended to identify forward-looking statements, which are, by their very nature, no guarantees of Plateau's future operational or financial performance, and are subject to risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Due to the risks and uncertainties, actual events may differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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