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Global Resource To Acquire Specialized Tooling Firm, Advance Patented Oil Recovery Technology

[Daily News] Global Resource Corporation has announced it has entered into an agreement with an understanding of terms to acquire a Virginia firm specializing in tooling and manufacturing with trailing annual revenues estimated at $4 million (US). This acquisition is expected to close prior to the end of the current fiscal year.
"This acquisition provides us with a strong team of manufacturing experts that will reduce our cost to manufacture machines by up to 40%, compared to the conventional bid process," noted Global president Frank Pringle. "We have a number of test facilities that we will begin to manufacture over the next several months that will pay for this acquisition in cost savings to our shareholders."

Global Resources has a patent pending process that allows for removal of oil and alternative petroleum products at very low cost from various resources, including shale deposits, tar sands and waste oil streams with significantly greater yields and lower costs than are available utilizing existing known technologies.

The process uses specific frequencies of microwave radiation to extract oils and alternative petroleum products from secondary raw materials, and is expected to dramatically reduce the cost for oil and gas recovery from a variety of unconventional hydrocarbon resources.

Global's technology will not only be developed to extract oil from shale, but from depleted oilfields in the U.S. and elsewhere, many of which still contain more than half of the hydrocarbons originally in these fields, because the residual hydrocarbons are too viscous to extract with conventional technology.

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Daily Oil Bulletin | JuneWarren-Nickle's Energy Group

Daily Oil Bulletin | JuneWarren-Nickle's Energy Group