SANTA CLARITA, CALIFORNIA December 8, 2014 (PRNewswire) - US ENERGY INITIATIVES CORPORATION, INC. (OTC Pink: USEI) is pleased to announce today that the Directors...
Our Oil Mission
Our Oil Division’s initiative is to become the premiere provider of environmentally friendly thermal extraction technologies for the oil field in both domestic and international markets. To provide solutions to the world with technology that will enhance secondary oil recovery that would otherwise remain in the ground forever; utilizing proper development, partnership and strategic alliances to attain this common goal. Management believes that its unique approach of applying its proprietary technologies to marginal wells, with known reserves, will earn the company a profitable niche in the petroleum industry.
The Company will seek to acquire significant oil properties through partnerships, strategic alliances, acquisitions, purchases where this technology will have and application to enhance oil recovery and produce significant revenue. Oil production is the key in this current environment and making more oil is the goal of every operator. We believe that our technology offers a key solution for heavy, mid and light gravity oils that need heat, pressure and or a driving mechanism to bring more oil to the surface. Our portable steam technology offers a cost effective solution to enhancing oil recovery.
Strategically marketing this technology will resulting in significant growth in both revenues and profits for our Company and our Partners.
Once the production of marginally producing wells dwindles below a profitable level, their operators are left with one of three options, either shut-in the wells, abandon the wells and cease production, or continue to produce at a loss. However, according to the U.S. Department of Energy, stripper wells, which have been pumped for 30 to 40 years with primary recovery methods, have yielded, on average, only 20% of the total amount of oil in the reserve. The remaining 80% will remain in the ground forever unless a secondary oil recovery method is employed.
The Company’s goal it to utilize its team of professionals with all of their experiences to become an extremely profitable oil and gas production and Technology Company. This elite team will develop and market its technologies to provide solutions to help minimize U.S. dependence on foreign oil.
According to the Department of Energy, there are nearly 400 Billion Barrels of “Stranded Oil” in the U.S. and that 60%, or 240 Billion barrels of oil are recoverable through Enhanced Oil Recovery. At $80/bbl, Enhanced Oil Recovery represents a $20 Trillion market opportunity for the U.S. At $100/bbl, Enhanced Oil Recovery represents a $24 Trillion market opportunity for the U.S.