Future energy: The technology allowing more oil extraction – July 13, 2017
Russian engineer Alex Barak has been coaxing oil out of the ground for a long time. Seventeen years ago, he was responsible for work at a particularly troublesome oil field in Kazakhstan. “That oil field, Karazhanbas, was a real dog,” he recalls, explaining that the oil there was very viscous, making it difficult to extract. “Nobody wanted it.”
ACCORD GR ENERGY HAS SOLD ITS FIRST OIL – June 13, 2017
Accord GR Energy, Inc. has reportedly sold it’s first load of oil last Saturday, June 10. Next load is planned to be sold today, June 13.
This is a great accomplishment by the Accord team that signifies new page of development of Accord. The oil was produced from the Accord’s Wardlaw field, it’s Permian basin asset in Edwards County, Texas. There are 90 Accord’s wells in the field, including the three new wells recently drilled under Phase-2 “Proof of Technology Concept” plan. The oil production came as the result of the S-BTF process trial application, a proprietary technology owned by Galex and invented specifically for Accord’s Wardlaw and the Wardlaw like shallow and extra shallow deposits of heavy oil and natural bitumen. The process is comprised of technologies like SWEPT, S-BRPT, licensed to Accord, as well as other technologies. The process requires further adjustments and optimization in order to achieving the best oil recovery results at the most competitive cost. Accord, in cooperation with Galex, will continue on this process while gradually increasing field production from the Wardlaw.
Patent for S-BTF process has been filed with USPTA on June 9 by Galex Energy.
ACCORD GR Energy, Inc. news
The 3-well drilling program was completed successfully. Initial testing was undertaken to record baseline production rates. As anticipated the rates came out extremely low from 0 to 1 bpd per well. A specially designed for the field S-BTF process was applied and demonstrated better than expected improvement in oil extraction rates. The technology test also demonstrated necessity to improve oil lifting technics, upgrade wells tie-in and oil collection facilities.
At this time company is preparing to start on routine oil production, processing and sales with gradual increase of produced volume and optimization of the field infrastructure.
Accord GR Energy, Inc. is a privately owned company with limited number of shareholders. Petroteq Energy Inc., a Canadian publicly traded company, is one of the shareholders with large holding position in Accord. None of the individual shareholders has more than 50% stake in Accord. Galex Energy granted Accord non-exclusive non-transferable licenses for technologies that are valid on oil and gas production assets owned by Accord.
The link below will open an article published on oilprice.com on June 7, 2017.
The link below will open an article published on vestifinance.ru on June 9, 2017 in Russian.
ACCORD GR ENERGY CONTINUES WITH PHASE-2 “PROOF OF TECHNOLOGY” AT IT’S PERMIAN BASIN LEASE WITH THE DRILLING OF A SECOND WELL – March 30, 2017
Accord GR Energy Inc. has drilled and cased its first well, which was spudded on March 15.
The first well reached TD as scheduled. The end-of-well log confirmed the presence of the main target oil zone. On the recommendation of geologists, the well was deepened to a new TD and logged again. A new oil zone was discovered that will increase the well’s reserves by 75%.
As a result of the new oil discovery in the first well, the Phase-2 program has been expanded to include a third, deeper well.
The new plan for Phase-2 calls for drilling and testing three new wells (two oil zones each), along with testing two existing wells (one oil zone each). This will significantly increase potential oil production by a factor of 2.5 over the original plan. This substantial improvement in reserves and potential production will be achieved at the cost of only one additional well.
The excellent results obtained so far will greatly improve the commercial viability of ACCORD’s assets once ACCORD’s licensed EOR technologies are proven. It is envisioned that wells will enter into steady production while being tested and optimized to attain the most efficient recovery parameters. As previously announced, 24 infill wells will be drilled on the 40-acre section in addition to the three first wells.
ACCORD GR Energy, Inc. is a privately owned Delaware corporation specializing in E&P. The company currently holds a 7.000-acre mineral rights lease in Edwards Co, Texas.
ACCORD GR ENERGY HAS LAUNCHED PHASE-2 OF THE WARDLAW FIELD PROJECT WITH DRILLING S-BRPT WELLS – March 16, 2017
Accord GR Energy Inc. has launched Phase-2 of the Wardlaw field project (Permian Basin) with the drilling of two S-BRPT wells.
The recently completed $1.5 million Phase-1 test demonstrated the potential of impulse wave technology to support economically viable production rates from even the most depleted wells. Accord has now initiated Phase-2 in order to demonstrate the commercial oil potential of the Wardlaw property using the company’s proprietary EOR technologies.
The first of these wells was spudded on March 15 and is scheduled to reach TD on or about March 20. Drilling of the second well will commence immediately upon completion of the first. The two new wells together with the one previously existing well will form a three-well pattern for simultaneous testing. The plan for the Phase-2 is to observe and optimize oil recovery rates and inaugurate commercial production using Accord’s now-proven oil recovery concept.
Upon completion of Phase-2, the company plans to turn the test area into the First Production Pilot by densifying the three-well pattern with an additional 24 infill wells within a 40-acre section, followed by commissioning and operation of the wells to full depletion. The Production Pilot will allow the company to further optimize recovery parameters and fully assess the commercial viability of Wardlaw field.
ACCORD GR Energy, Inc. is a privately owned Delaware corporation specializing in E&P. The company currently holds a 7.000-acre mineral rights lease in Edwards Co, Texas.
BREAKTHROUGH TECH COULD ADD BILLIONS OF BARRELS TO PERMIAN RESERVES By James Burgess – Dec 14, 2016, 4:45 PM CST (OilPrice.com)
Texas’ Permian Basin has been producing oil for almost 100 years, but a new geological assessment shows that even though billions of barrels have already come out of this sleeping giant, billions more are still waiting to be pumped.
A new United States Geological Survey (USGS) assessment of the riches of the Permian Basin, released just last month, showed that in just the Wolfcamp shale in the Midland Basin portion of the Permian alone, there are still 20 billion barrels of undiscovered, technically recoverable oil. That’s an assessment that will necessarily trouble OPEC.
Not only is this newest discovery three times bigger in terms of recoverable oil than North Dakota’s Bakken formation, but it’s all also the largest “continuous” oil discovery in the entire U.S. So, the rush to both get a foothold here and to employ new recovery technologies is on, with spending close to $20 billion year-to-date in 2016, according to new analysis from IHS Markit. Read more…
THE ROLE OF INNOVATIVE PETROLEUM PRODUCTION TECHNOLOGY IN SUPPORT OF DONALD TRUMP’S STRATEGIC PLAN FOR US ENERGY INDEPENDENCE (Oil and Gas, 2017 #1, pp 132-137)
A coalition of oil-producing countries (OPEC and non-OPEC) agreed to limit petroleum output and exports beginning January 1 of this year. It is hoped that most petroleum exporters will comply with this agreement, putting an end to years of market uncertainty by first stabilizing prices at their current level and then initiating a gradual upward trend.
On the other hand, the prospect of new pressures and intensified competition in the world oil market could increase the risk of a breakdown of all existing agreements and launch a new spiral of volatility and plummeting oil prices.
What follows is a brief analysis of risks and prospects in the North American market. ACCORD GR Energy, Inc., a West Texas E&P operator, that builds its strategy around frontier EOR (enhanced oil recovery) technologies, will serve as an example of growth and development in a highly competitive environment.
The period from October 2014 through 2016 will be remembered as a time of steep drops followed by wide fluctuations in the oil market, which resulted in the bankruptcy of a large number of oil companies and caused severe, if not catastrophic, damage to the economies of oil-producing nations. Read more (English)…
$1.5 mil Phase 1 completion demonstrates commercial viability potential of even most depleted of 200 already drilled wells
MCW Energy Group Limited December 14, 2016 3:12 PM.
TORONTO, ONTARIO–(Marketwired – Dec 14, 2016) – MCW Energy Group Limited (“MCW“) (TSX VENTURE:MCW) (MCWEF), a clean-tech company with proprietary soil remediation and extraction technologies, announced its plan to develop the property and existing wells contained within the 7,000 acre Wardlow, TX field acquired in its recent acquisition of Accord GR Energy, Inc. (“Accord“).
The two-phase plan of property development involves the use of two licensed EOR technologies providing for recovery of oil using a combination of wave and thermal baric process.
The recently completed $1.5 million Phase I test succeeded in demonstrating the potential ability of the impulse wave technology to support economically viable production rates of even the most depleted wells.
With Phase 1 potential capabilities confirmed this month, the company plans to commence Phase 2 in the first quarter of 2017, in which it intends to demonstrate commercial oil recovery potential.
Once Phase 2 is underway, the company plans to create a production pilot, which will include drilling 20-25 well patterns at optimized recovery rates to full depletion.
Upon completion of Phase 2, with well production parameters proven, the plan calls for optimization of the production pilot and a full assessment of the field’s commercial viability using a discounted cash flow (DCF) model.
Alex Barak, CEO of Accord, has an extensive track record developing and applying technological innovation to increasing production rates and reserve values, both in the US and in overseas, having overseen the operation of North Caspian Oil Development’s 2,600,000 acre block, “Atyrau,” planning and partially implementing drilling program of over 500 wells in Nations Energy’s Karazhanbas field in Kazakhstan.
He also served as CEO of Houston based Galex Energy, overseeing successful development and application of their own enhanced oil recovery technologies (EOR), including those being tested with Accord’s assets.
“We are confident our process will prove the recoverability of the long dormant but high potential properties,” commented Barak. “Additionally, we envision favorable regulatory and geo-political drivers of improved growth within EOR.”
MCW ENERGY GROUP ENTERS INTO AGREEMENT TO ACQUIRE CONTROLLING STAKE OF E&P COMPANY WITH EXTENSIVE RESOURCE POTENTIAL AND LICENSES FOR ENHANCED OIL RECOVERY (EOR) TECHNOLOGIES
TORONTO, ONTARIO — (Marketwired) — 08/19/16 —
MCW Energy Group Limited (“MCW“) (TSX VENTURE:MCW)(OTCQX:MCWEF), a Canadian holding company involved in the development of environmentally-friendly oil sands technologies and the production of oil from Utah’s vast oil sands deposits, today announced the execution of a definitive agreement (the “Agreement“) to acquire a controlling interest in Houston-based, exploration and production (E&P) company, Accord GR Energy, Inc. (“Accord“).
Accord’s assets include a limited license for two enhanced oil recovery (EOR) technologies for use on Accord’s southwest Texas properties and intended for use on MCW’s 2,200 acre oil sands property in Temple Mountain, Utah.
It also includes equitable title pursuant to a purchase agreement to 7,000 acres in southwest Texas, with 88 drilled and completed (DUC) wells. The oil is categorized as “medium crude” and the deposits are in the light gravity range of heavy oil at 18-22 API gravity.
Accord’s SWEPT technology is designed to recover fossil hydrocarbons by improving rock and fluid properties through the use of impulse-wave based technology.
Accord’s S-BRPT technology, designed to recover solid and liquid hydrocarbons through aggregate conversion into gaseous forms followed with well based recovery of same from greater depths, is expected to expand economic recoverability of MCW’s bitumen initially in place at depths up to 300 feet and deeper, levels currently not economical with existing processing capabilities.
“The plan for this acquisition is to significantly expand our bitumen initially in place, improve economics for oil recoverability of the sub-surface hydrocarbon assets, and provide us with more flexibility in recovering our bitumen,” commented Alex Byumkin, MCW chairman. “We plan on testing the technologies on our Temple Mountain site and are confident in its capabilities to improve economics in oil recovery.”
Pursuant to the Agreement, MCW will acquire 57.3% of all issued and outstanding shares of Accord, in consideration for 59,698,300 shares of MCW and warrants to purchase 2,000,000 shares of MCW at US$0.25 per share for three years. The common shares issued will be subject to a four month hold period from the date of issuance. The Agreement is conditional only on the approval of the TSX Venture Exchange and is expected to close within 30 days.
About MCW Energy Group Limited
MCW Energy Group Limited is focused on value creation via the development and implementation of (i) proprietary, environmentally‐friendly oil sands extraction technologies and remedial tailings ponds project solutions, (ii) expanding production capacities of its now operational oil sands project in Asphalt Ridge, Utah, and (iii) the formulation of worldwide joint ventures and the licensing of oil sand opportunities with private and governmental resource entities within countries possessing extensive oil sands/shale deposits. MCW’s management team is comprised of individuals who have extensive knowledge in both conventional and unconventional oil and gas projects and production, both in upstream and downstream industry sectors.
The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Forward-looking statements in this news release, include, but are not limited to, TSX Venture Exchange approval of the acquisition, commercial viability of MCW’s and Accord’s technology and the extraction plant, economic performance and future plans and objectives of MCW, and the commercial production of oil from MCW’s oil sands extraction plant in Asphalt Ridge, Utah. Any number of important factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although MCW believes that the expectations reflected in forward looking statements are reasonable, they can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as required by law, MCW disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.
MCW Energy Group Limited
(800) 979-1897 (Ext. 3)
Cell: (778) 389-0915
Source: MCW Energy Group Limited
Merge of the Canadian MCW Energy Group and American Company Accord GR Energy (Oil and Gas, 2016 #4, pp 125-126)…
In April 2016, the US Patent and Trademark Office (USPTO) confirmed filing receipt for five additional patent applications for thermobaric hydrocarbon recovery methods and relevant technology.
The new proprietary technologies will further improve Galex’s arsenal of instruments used to recover otherwise non-recoverable oil and gas, improve production rates, and reduce cost of produced oil and gas.