ProOne Announces Agreement with American Well Technology Holdings, LLC to Market First-Ever Artificial Lift System Down Hole Lubricant
COSTA MESA, California July 25, 2017 – ProOne Inc, a leader in extreme film strength lubrication technology, announced that it has signed a Master Distributorship agreement with American Well Technology Holdings, LLC, a Texas-based company, to bring to market the world’s first Production Lubricant, with patent pending: ProFlow – A Production Flow Technology Lubricant.
ProOne and American Well Technology have been working collaboratively for two years developing, successfully field testing, and filing a patent for this groundbreaking new application in the oil & gas industry. By using a lubricant to treat Artificial Lift Systems (ALS) to address the problems of inefficient production, high maintenance costs and untimely wear and failure, the team has demonstrated that treatment with ProOne’s XPL+ bonding nano-tech lubricant increases productivity, reduces lifting costs, and results in fewer failures, less downtime, extended service intervals and equipment life cycles.
ProOne and American Well Technology have now formalized an agreement whereby AWT has been granted a license by ProOne to be the Master Distributor for ProOne’s production well products in North America, including the US, Canada and Mexico.
“We could not be happier to enter into the next phase of this extraordinary co-development project with AWT,” said Lawrence Kahn, CEO of ProOne. “AWT has not only pioneered this important application for our technology, but has also garnered significant interest from major oil companies and chemical distributors across the country.”
Scott Rettberg, AWT’s Managing Partner, added “With Artificial Lift Systems being the workhorses of the oil production industry, it is surprising that lubrication has been a critical but generally unaddressed problem, until now. We approached the ALS opportunity as a natural extension of ProOne’s XPL+ Xtreme Pressure Lubrication technology for drilling fluids, except that we had to apply it to a production well rather than a drilling rig.” Rettberg, who authored, tested and brought to market this disruptive oil field technology, is listed as the primary inventor on the patent, which ProOne has filed to protect this technology.
About ProOne: Based in Orange County, California and with offices in Houston, Texas, ProOne, Inc. has developed lubrication technology that can be demonstrated to be over 50 times greater film strength than conventional lubricants. The product line has been used in over 800 wells to reduce torque and drag by as much as 50% and increase rate of penetration in lateral wells, yet is plant-based, biodegradable and environmentally friendly. For additional information on ProOne visit www.pro1energy.com
About American Well Technology Holdings, LLC: AWT, a Texas-based company, has invented, with a patent pending, a unique application for an innovative/disruptive product, aptly named ProFlow. Through extensive theoretical research in friction, torque and drag dynamics in Artificial Lift Systems, AWT introduced ProFlow as a specialized, positively charged bonded lubricant. This proprietary lubricant has quickly become the most significant, disruptive, and impactful innovation for improving performance and reducing operating costs for the oil and gas industry in decades. For more information please visit www.AmericanWellTechnology.com
Statements contained in this news release, aside from those identifying historical facts, are ‘forward looking statements’ within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions as contained in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relating to the Company’s future expectations, including but not limited to revenues and earnings, technology efficacy, strategies and plans, are subject to safe harbors protection. Actual company results and performance may be materially different from any future results, performance, strategies, plans, or achievements that may be expressed or implied by any such forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements.
Contact: ProOne, Inc.: Lawrence Kahn, CEO Phone: (714) 327-0262 Email: LKahn@pro-one.us
American Well Technologies: Scott Rettberg, Managing Partner Phone: (661) 444-6005 Email: scott@AmericanWellTechnology.com