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Westmont Prepares to Enter $32 Billion Hydraulic Fracturing Market With "FracSolv™" Reports Americaninvestmentclub.com
The US Energy Information Agency's data from 2008 shows that the U.S. had 363,107 oil wells and 460,261 gas wells. Generally a well may be fracked or pumped up to 18 times in its useful production life. Each frac or completion can use an estimate of 80-300 tons of chemicals representing the potential for more than 1.2 billion tons of frac or completion solutions being used in the USA alone. Westmont's initial market penetration is conservatively estimated at below 0.05% of the total market potential and represents more than $98 Million in potential revenue from the sale and usage of FracSolv™.
A study completed by the Perryman Group in 2008 stated that there were a total of 7,170 gas wells located in the Barnett Shale region of Texas, and an article from the Pittsburgh Post-Gazette in June 2010 indicated that the Pennsylvania Department of Environmental Protection had issued 1,985 new Marcellus drilling permits and noted that some 763 wells are either completed or under construction.
FracSolv™ solves several problems in hydraulic fracturing water handling and disposal, while lessening long term environmental liabilities for natural gas companies. FracSolv™ is a cost effective and environmentally sound component of an integrated frac water management system. "With the potential passing of The FRAC Act (2011) reintroduced to the US Congress for the third time in March 2011 under H.R. 1084 and S. 587, The FracSolv™ process assists in separating oil and natural gas from the wastewater and reducing the total dissolved solids below current EPA and State drinking water standards of 500 parts per million," stated Bruce Fischer, Chairman of Westmont.
FracSolv™ is a 100% biodegradable and environmentally safe Surfactant based, Anionic Polyacrylamide (PAM). The FracSolv™ solution has no systemic toxicity to any aquatic organisms or microorganisms and remains 100% biodegradable and environmentally safe throughout its useful product lifespan. FracSolv™ acts to separate oil and natural gas from the formation's surface, thereby accelerating the recovery of oil and natural gas reservoirs.
The FRAC Act (2011) would require energy companies to disclose chemicals used in hydraulic fracturing, and most importantly, close a loophole that exempts drilling operators from drinking water regulations. FracSolv™ meets these standards today. "As we recognize the need for energy independence through oil and natural gas exploration, it is imperative to ensure the process for extracting natural gas be done safely and responsibly. Our company is guided by solid scientific principles innovatively applied to benefit industry and society," stated Glenn McQuiston, President of Westmont.
About Westmont Resources
Westmont Resources is an independent natural resource and development company headquartered in Bellevue, Washington, with principal operations in the United States. Westmont's business model emphasizes the acquisition and operation of existing producing assets, in the oil and gas industry. As new technologies expand both the exploration possibilities and production of oil and gas in the face of ever-rising demand, obtaining peak efficiency and production from existing aging wells becomes increasingly profitable. Westmont Resources is committed to significant growth as it pursues its strategy to combine and consolidate assets and companies in the oil and natural gas production and services sectors. For more information about Westmont Resources, Inc., visit the company's website at www.westmontresources.com
Safe Harbor Statement
This press release contains forward-looking statements regarding Westmont Resources, Inc. within the meaning of Section 27A of the Securities Act of 1933 as amended, as such, may involve risks and uncertainties. Such statements are based on management's current expectations and cannot be guaranteed. The forward-looking statements discussed in this release may not occur and actual results could differ materially as a result of known and unknown risk factors affecting Westmont Resources, Inc. Forward-looking statements speak only as of the date on which they are made and Westmont Resources, Inc. undertakes no obligation to publicly revise any forward-looking statement based on the result of new information, future events, or otherwise.
