Publicly-held Cyber Enviro-Tech, Inc. announced the deployment of its first downhole pump and related oil production and water filtration technologies on a 500-acre mineral lease.
According to a news release, based on an independent geological study, the mineral lease has an estimated 45MM barrels of oil reserves.
The green technology lasts between six to eight years before needing replacement and reduces power costs by over 40%, reported the news release. Additionally, the technology delivers: increased productivity; less equipment replacement and repair expenses; minimal field operator involvement; easier regulatory compliance; improved safety; and reduces operating costs by over 60%.
CETI’s new Smartflow water filtration technology also remediates the amount of contaminated water produced during oil production, meeting or exceeding EPA standards.
“Cost savings of this magnitude and the positive environmental impact to the industry are far too significant to be overlooked by any oil field Operator” said Kim D. Southworth, CEO of CETI, reported the press release.
Cyber Enviro-Tech is in the oil production stage of its business model and generating revenue.
Additionally, CETI is currently in the process of completing its PCAOB audit in anticipation of filing an S-1 Registration Statement with the SEC in March of 2022 to become a fully-reporting public company.