Water Now’s Wholly Owned Subsidiary, HydraSpin USA, Secures Contract to Deploy its Crude Oil Recovery System
Fort Worth, Texas, Dec. 17, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Water Now, Inc. (OTC: WTNW) announced today that HydraSpin USA Inc., its wholly owned subsidiary, has secured a two-year agreement with Ross Recovery, Inc. (“RRI”) to deploy its oil recovery system at one of RRI’s disposal sites in Casper Wyoming. Under the terms of the agreement, HydraSpin will install and operate an oil recovery unit to separate, on a daily basis, marketable oil from approximately 7,000 barrels of salt water located at RRI’s disposal site. Based upon preliminary analysis, we conservatively project that there is a minimum of 3% concentration of recoverable crude oil within the volume of salt water HydraSpin will be processing. If our projections are correct, HydraSpin will recover approximately 6,300 barrels of oil per month. Under its agreement with RRI, HydraSpin is entitled to receive 50% of the proceeds from the sale of the recovered oil. Assuming a recovery of 6,300 barrels per month, HydraSpin will receive proceeds from the sale of 3,150 barrels in turn generating revenues of approximately $170,000 per month (based on current crude oil prices), or $2,040,000 annually, from this singular site.
David King, CEO of Water Now, Inc., commented on the newly secured contract, “This contract was solidified only after our team performed the effectiveness and efficiency of our technology at an onsite demonstration of our machine. While the revenue generation possibilities from this singular contract are important, I am more excited by the opportunity to demonstrate the capabilities of our technology.”
HydraSpin’s technology allows disposal well operators to capture almost all of the crude oil contained in the waste water that they re-inject into their wells. As such, the process lowers the overhead for the operator, increases their profits and creates an additional revenue stream for Water Now.
Corporate Website: www.WaterNowInc.com
HydraSpin USA Website: https://HydraspinUSA.com/
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