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Emerging oil and gas technology company FalconRidge Oil Technologies Corp. has announced the full commercialization of the third generation of a revolutionary new technology that revitalizes ‘dead’ wells and is poised to become the leading alternative to hydraulic fracturing.
On 22 October, FalcronRidge (OTCQB:FROT) said its third-generation Terra Slicing Technology (“TST™”) for oil and gas well completion was ready for field deployment.
The new technology is proven to have the ability to restore the capacity of a well to up to 80% of its original flow rate, allowing producers to access substantial reserves locked in the oil zone.
“The many recent improvements made to the technology have positioned TST to become a leading alternative and improvement to traditional fracking techniques and well stimulation for most low-volume, under-performing oil and gas wells,” FalconRidge CEO Mark Pellicane, said ahead of the technology’s commercial deployment.
“The opportunity to become a leader in providing this revolutionary new technology and service to oil and gas operators is truly enormous.”
Terra Slicing Technology is a safe, extremely accurate and reliable water jet cutting procedure. It increases the production of under-performing oil and gas assets through precision excavation and cutting of damaged productive hydrocarbon zones, increasing permeability, creating previously non-existent vertical permeability, increasing the overall drainage area of the well and avoiding further damage caused by explosive charge perforation.
According to FalconRidge, TST increases reservoir permeability by up to 20 times, using high pressure abrasive slurry to cut deep into the reservoir formation. Most significantly, the technology can be applied in almost all known environments–including onshore, offshore, vertical and horizontal formats–and is the only that has been proven to work in less than 5% porosity/permeability.
The overall goal of third-generation TST technology, according to Pellicane, is to shift the industry away from new drilling and towards increasing the efficiency of extraction in existing well-bores to increase overall recovery.
The company is billing the new technology as the best alternative to traditional fracking, which continues to field wide opposition and feed growing activism through North America and Europe.
Terra slicing is a proven, safe alternative to fracking, and it is also considered to be faster and more efficient.
FalconRidge disclosed to shareholders that it is very close to monetizing its patented technology and plans to commercialize the platform by offering it to other oil and gas firms as a technology demonstrator program.
The company’s stock has a 52-week range of $0.36 – $1.90, and has showed positive movement of $2.68, while market capitalization sits at $56.37 million.(By James Burgess of Oilprice.com)
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