Gulf Energy Selects OriginOil’s (OOIL) Technology for Middle East & S. Africa Operations!

 Last night I brought an update on OriginOil (O OI L) discussing the amount of accumulation and increased attention it’s had following last week’s announcement.  This morning it looks like Origin has come out with some monster news!  That’s right, today the Company announced Gulf Energy will expand its multi-million dollar oil service business in the Middle East into frac flowback water treatment via OriginOil’s CLEAN-FRAC product!

“We at Gulf Energy believe that the Middle East is ready to address its water scarcity and environmental concerns. For months, we have researched and finally found the technology we believe to be the best available to anchor our water treatment systems. We are ready to start building and selling systems across the MENA region. To enable this, our first step will be to purchase a CLEAN-FRAC™ P1500 demonstration system from OriginOil,” states Yasser Al Barami, Chief Commercial Officer of Gulf Energy SAOC.

Gulf Energy reports it has grown its sales of products and services in excess of $320 million last year across the Middle East & North Africa (M EN A) through its different subsidiaries. Gulf Energy reports that it currently works with almost all of the major operators in Oman including Petroleum Development of Oman (PDO), Occidental Petroleum Company (OX Y), PTT Exploration and Production Plc (PT TE P), MEDCO, Petrogas E&P and Daleel Petroleum.Let me remind you that last week in a shareholder letter, Origin’s CEO Riggs Eckelberry stated that the company “already has deals lined up right through the rest of the year, and hopes to release information on one later this week.”  Well it’s literally been 1 week since this announcement so I think some slack can be cut especially based on the overall impact that this news could have on the company.  More importantly, if these are the kinds of deals that the company is “lining up”, I think Origin could be on pace for a banner year heading into the fourth quarter and 2015.

In my opinion this is a very large first step forward for Origin progressing its technology for multiple applications including those is regions like the Middle East and South Africa.  If you’ve followed along since we initially brought this to the network in June, you’ll notice that there have been many times that Origin has taken off on days of minor announcements so after reading through today’s news, my eyes are zeroed in on this clean frack company for big breakout potential heading into Monday.

If you haven’t looked through the full press release, you can read it below. Thank you all for reading and make sure you stay tuned for more from OriginOil heading into the morning session.

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LOS ANGELES–(BUSINESS WIRE)–OriginOil, Inc. (O O IL), developer of Electro Water Separation™ (EWS), the high-speed, chemical-free process to clean up large quantities of water, was selected by Gulf Energy, an oil service company with major customers in Oman, Yemen and Saudi Arabia, as the technology provider for the company’s new oil services business in frack and produced water treatment and reuse. Gulf Energy will implement OriginOil’s CLEAN-FRAC system, equipped with the company’s core technology Electro Water Separation (EWS), throughout the Middle East & North Africa (MENA).“We at Gulf Energy believe that the Middle East is ready to address its water scarcity and environmental concerns. For months, we have researched and finally found the technology we believe to be the best available to anchor our water treatment systems,” stated Yasser Al Barami, Chief Commercial Officer of Gulf Energy SAOC. “We are ready to start building and selling systems across the MENA region. To enable this, our first step will be to purchase a CLEAN-FRAC™ P1500 demonstration system from OriginOil.”

“We believe Gulf Energy will be as successful in water treatment as they have been as an oil service company,” Bill Charneski, President of OriginOil Oil & Gas, stated. “In just six short years, Gulf Energy reports it has grown its sales of products and services in excess of $320 million last year across the MENA through its different subsidiaries. They are not only a very successful service company, but they have a great team of engineers and manufacture much of their proprietary equipment in their own facilities. We are both excited and complimented that they chose EWS technology as the base upon which to build their water treatment systems. We believe it is going to be an amazing run.”

Gulf Energy reports that it currently works with almost all of the major operators in Oman including Petroleum Development of Oman (PD O), Occidental Petroleum Company (OXY), PTT Exploration and Production Plc (PT T EP), MEDCO, Petrogas E&P and Daleel Petroleum.

Yasser Al Barami went on to say, “OriginOil not only brings us the core EWS technology, but also its contacts and relationships with suppliers of downstream processes integrated into their complete system, CLEAN-FRAC. The team that they have built will help us perfect and escalate our design and manufacturing. In our view, combining great design with our many customer relationships will be a winning formula.”

OriginOil’s CLEAN-FRAC is a range of complete solutions for treating produced or frac flowback water for various beneficial uses such as enhanced oil recovery, “new” frac water, irrigation water, and even potable water. The system leverages the company’s break-through, chemical-free, low-energy Electro Water Separation (EWS) technology, which can also be licensed as the first stage in any multi-stage reuse system.

Results from on-site testing of a pilot CLEAN-FRAC unit at Industrial Systems, Inc. in Delta, Colorado, demonstrated that water turbidity, suspended solids and oil in water were reduced by as much as 99 percent. Energy usage with the CLEAN-FRAC system averaged 0.22 kWh per barrel of water processed which amounts to about $0.03 per barrel at $0.15 per kWh.

 

———————–Disclaimer
Do your own research and consult with a licensed profession before investing.  Any statements and opinions given are amateur and biased and should be treated as such.  Past performance does not indicate future performance in any way.  The performance of all alerts uncompensated and compensated in no way predict the performance of current and/or upcoming alerts.  Check the latest SEC filings before investing, and research other information on the risks of investing in microcap companies at http://www.sec.gov. Investor News Source has been compensated a total of sixty thousand dollars by the company for continued market coverage and content services. For important information concerning this email, including applicable disclaimers, compensation consideration, and additional information please make sure to read the information contained within.  To view our full disclaimer, click here.

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