QualityStocks would like to highlight
Well Power Inc. (
OTCQB: WPWR). The company has secured the licensing rights to Texas with the first right of refusal on the other US states to a new technology solution to process waste natural gas, such as vented, flared or stranded gas, into “clean power” and engineered fuels, including no-sulphur diesel and diluents. Based on proprietary technology, this solution is mobile, high-yield and can be deployed with minimum capital expenditure.
In the company’s news,
Well Power, Inc. is preparing to revolutionize the oil and gas industry through the continued development of its innovative micro refinery unit (MRU). The MRU is an assembly of proven commercial technologies with a proprietary micro-reactor system designed to address the massive global waste currently associated with natural gas flaring. The company has already secured exclusive licensing rights for this platform in Texas, as well as first right of refusal for the remaining states, from Canada-based ME Resource Corporation.
According to a report by the Railroad Commission of Texas, approximately 0.8 percent of natural gas produced in the state is wasted via flaring or venting practices. With an average of 19.7 billion cubic feet of natural gas produced in Texas each day, this wasted product is a significant concern from both economic and environmental perspectives.
Economically, gas flaring is a result of the significant expense and scheduling impact required to install the necessary infrastructure to transport natural gas to market. Well Power’s MRU addresses this issue by allowing for on-site utilization of undervalued gas, effectively transforming it into a selection of valued end products, including electric power, heat and engineered fuels.
Environmentally, the impact of flared gas is a growing concern for legislators around the globe. In the Bakken formation of North Dakota, an estimated two million tons of carbon dioxide are released into the atmosphere annually as a result of flared gas. In addition to effectively minimizing this waste, Well Power’s MRU is expected to provide oil and gas producers with an energy efficient method to generate vital resources.
Moving forward, the company will continue to push toward the completion of its MRU prototype and future commercialization of its MRU technology in the extensive oil and gas industry of Texas. For prospective investors, this progress, in addition to recent regulatory focus on the wastefulness of gas flaring, could provide a strong platform for sustainable returns in the years to come.
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