HOUSTON: SurgiTech has entered into a definitive agreement with the FONTUS COMPANIES to acquire the assets of FONTUS TECHNOLOGIES, FONTUS CHEMICALS, and FONTUS EOR JV1. FONTUS is a leading provider of mobile, miscible gas generating technology which combined with their plant-based bio-solvent, is used to both increase recovery factors and accelerate production from marginal oil wells.
FONTUS has treated more than 1000 wells since its founding using a unique, low cost and mobile, miscible gas generating technology combined with a proprietary, all natural, solvent formulations. While most enhanced oil recovery (EOR) projects are expensive undertakings with pipelines, plants and other infrastructure, FONTUS has developed a cost-effective method to generate a superior EOR gas with a truck mounted unit that can quickly move from well to well. Once a well and the near wellbore pore space are cleaned using the FONTUS process, their plant-based bio-solvent/surfactant is put into a vapor state and pushed deep into the rock where it cleans the pore space, thins the oil and increases the energy in the pore space so that oil more easily flows back to the wellbore for pumping to the surface.
With low commodity prices, “many tens of thousands of wells become uneconomic to produce as a result of legacy wellbore damage and lack of reservoir energy due to severe pressure depletion,” says Glenn R. McColpin, SurgiTech’s CEO. These technologies provide a way to inexpensively increase both the production rates as well as the overall recovery factors. What most people don?t realize is that we have hundreds of millions of barrels of stranded oil sitting under abandoned or marginal fields that just need an economic enhancement technology to unlock the reserves.