Well Power, Inc. (WPWR) Moving Forward in Bid to Curb Challe Well Power, Inc. (WPWR) Moving Forward in Bid to Curb Challenges of Gas Flaring
Houston-based Well Power has committed itself to curbing the economic and environmental downsides of gas flaring. In October, the company issued a shareholder letter which chronicled its progress up to this point. This included an important update on efforts to commercialize the Wellhead Micro-Refinery Units (MRUs) being developed.
Industry processes such as fracking have done wonders for energy resource recovery efforts. But with the increased activity have come greater amounts of gas flaring; especially in the United States. According to the World Bank, gas flaring increased 223% in the United States between 2007 and 2011. This activity is even more pronounced at the state level. In the resource-rich state of North Dakota, which has surpassed Alaska as the second-largest oil-producing state behind Texas, almost one-third of all gas produced last year was flared. Given that gas flaring is expected to grow, this translates into tremendous lost revenue opportunities; not to mention the environmental effects to which gas flaring gives rise.
In its bid to overcome these challenges, Well Power has been making progress. In the shareholder letter, the company shared that an area has been chosen to build the MRU prototype after which commercial units will be modeled. Negotiations are currently underway to determine a site for prototype unit building and testing, and process engineers have been tapped for unit design. Meanwhile, Well Power’s management and consulting team continues to work diligently toward having the units ready for field testing and implementation.
Given how much fracking has strengthened production operations – in North Dakota, for instance, fracking has led to production almost quadrupling in the last four years, and the expected increase in gas flaring along with it – Well Power has a tremendous opportunity for profit potential here. With its arrangement with ME Resource, the company has secured licensing rights for unit distribution in Texas, and it also has first right of refusal for other U.S. states.
For more information, visit: www.wellpowerinc.com
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