Remember the question about the tree in the forest?
"If a tree falls in a forest and no one is around to hear it, does it make a sound?"
Well, for months now, our technology has been getting thoroughly tested in the field in California.
In these photos you can see our trademark "long tubes" installed in a Pearl Blue™ system by our first licensee, PACE, at a private site in California.
As you can see, the frack water goes from black, to tan, to clear... the project is progressing nicely.
The only problem? The "private" part. The site owner wasn't willing to let in visitors!
OriginOil test site in California now planned by year end.
In a recent breakthrough, we have succeeded in getting approval for a California site that is willing to let in visitors to see our technology!
Our hope is to make it an on-going research site. While it won't be open to the public, prospective licensees and customers will be able to visit. And it will provide a test bed with an Energy Producer in the heart of the California heavy oil play.
"This reminds me of the dotcom!"
That was my reaction when I read the latest newsletter from Lux Research. Here's an excerpt:
"The numbers don’t lie. Investment into emerging E&P technologies were nearly non-existent in 2003, at just $57 million. Since then, E&P technologies have attracted nearly $7 billion in private investment from 497 unique transactions...
"The most common exit strategy for technology developers is acquisition by oilfield services companies. Summing these up, there have been 136 acquisitions between 2003 and 2013. Schlumberger is the most prolific buyer, having acquired 56 E&P technology developers since 2003. Private equity firms have also purchased technology companies, but with the end goal of turning them around to sell to an oilfield services company."
OriginOil is proving itself at large scale with an emerging E&P (Exploration and Production) technology, so this is a great trend, and something to look forward to...
In the meantime, get ready for the holidays, and expect more interesting news from us.
The year is far from over!
Riggs and Team
President & CEO
OriginOil, Inc. (OOIL)