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Eagle Oil has entered into a definitive agreement with a European oil services company to be the first oil field in the United States to test and use its system for oil well production enhancement through the electrical treatment of oil reservoirs.
The system, which has been successfully used to increase production in oil wells in Russia and other European locations, uses specialized equipment to pass electrical impulses through the oil reservoir, which increases the percentage of oil and decreases the percentage of water extracted during the pumping process.
While no significant production increases can guaranteed, the system’s inventors predict that daily oil production can increase up to several fold per well in operation for a varying period of time.
EGOH's East Texas oil field will act as the pilot project for this treatment in North America. As the pilot site for this system in the United States, and will be benefit from technology without making any upfront financial commitment. The agreement calls for no upfront cash outlay by EGOH and a back-end revenue split of any increased production at each well.
Treatments of the field are expected to commence simultaneously with the recommencement of pumping operations at up to 20 wells which have already been reconditioned.
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