Updates Regarding Remedial Stimulation Treatments, H2S Remediation and Restructuring
Little River, SC, Jan. 03, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- 21st Century Energy Solutions, Inc. (“21st Energy”), a subsidiary of PCT LTD (OTC Pink: PCTL), announces further updates about the project in the Oil Creek formation in Murray County, OK., the West Texas project, as well as intentions regarding the restructuring of 21st Energy.
Update Murray County, OK
After the initial remedial stimulation treatment of the well, performed by Maverick Energy Solutions, Holdenville, OK, using 21st Energy’s proprietary electrochemically activated (ECA) “Super-Catholyte”, as of December 23rd, the well continues producing at a steady daily rate of thirty barrels per day. Prior to the remedial treatment this well was producing only 5 barrels per day.
Based on these current results and the knowledge gained from earlier tests at the Grassy Creek, MO location, the customer has expanded the pilot by putting two additional wells up for remedial treatment. These two wells have been producing for some time now and their daily production rate has declined from an initial 5 bpd down to approximately one half to one barrel per day.
One of these wells will be treated with only “Super-Catholyte.” The second well will be treated with our proprietary ECA “Super-Catholyte” infused with a High Concentration Nanogas Nitrogen Spheres. These treatments are anticipated to be completed by the first week of January 2023.
Update West Texas
Initial treatments in West Texas pilot programs using ECA anolyte aimed at the remediation of significant H2S issues in multiple formation locations are scheduled for early January. 21st Energy fully expects this pilot to return the same high-success rate results that it has seen in the past.
Update Concerning a Restructuring of 21st Century Energy Solutions, Inc.
21st Energy is currently a subsidiary of PCTL. The board of PCTL has decided to commence the process to spin-off 21st Energy to become an independent public company. 21st Energy intends to file a registration statement in 2023 with the SEC in order to take register shares of common stock to be distributed to the stockholders of PCTL and subsequently intends to list the shares on a national stock exchange or quotation service.
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 or 21st Energy to execute its business plan; actual results from the oil well treatments; actual production increases to the wells; 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.
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