Financial Press: Big Heat Makes Big Move in Canadian Oil Fields
Global Green Matrix acquires additional heating unit.
Vancouver, BC (PRWEB) February 27, 2013
It's becoming a fast paced year for Global Green Matrix Corp. especially since announcing its first significant revenues and purchasing two powerful & efficient water heating units called the “BIG HEAT”, a water heating technology & heating system used to heat water in oil & gas fracking operations – Financial Press.
Fracking refers to the procedure of creating fractures in rocks and rock formations by injecting fluids under pressure into cracks to open them further. The larger fissures allow more oil and gas to flow out of the formation and into the wellbore, from where it can be extracted.
“The company has been working in the Western Canadian oil fields since October 2012, and recently reported revenues of $335k for Q4 2012 from only our first unit,” says President Randy Hayward. “With the demand of larger scale jobs that require more than one heating unit we have since added another trailer unit enabling us to handle larger jobs. Our “Big Heat” provides an efficient & cost effective mobile source of heat needed for oil & gas companies' to heat water while they fracture their wells.”
“The revenue derived from the rental of the Big Heat units is the beginning of a new and important source of revenue for the Company. We are planning to purchase additional units in the near future to help us satisfy the growing demand for our services.”
The mobile units can heat 10 to 12 barrels of water per minute and achieve 65 to 80 degree rise in temperature. The technology achieves an efficiency rating of 95 percent as compared to the average at about 70 percent. The cost to operate Global Green's units is lower due to the use of propane as compared to diesel, a more expensive fuel.
As far as overall market demand, GGX expects the high price of oil will continue to drive the expansion of shale gas production, and ensure higher demand for fracking services. The company expects to take delivery of additional units early 2013 to fill the demand they are experiencing in Alberta.
“The U.S. market is in a boom for fracking and we have the rights to use this technology in Montana, Utah and North Dakota by agreement with the developer and manufacturer, Energy Heating LLC,” Hayward says. Energy Heating LLC is located in Idaho, USA and has several pending patents with regard to the technology that has been licensed exclusively to Global Green Matrix.
“GGX is a an early growth opportunity for investors, especially now that we are experiencing cash flow from our operations, and I see further revenues and growth in the 2013.” says Hayward.
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