Costa Mesa, California, October 29, 2012 – ProOne,Inc. announces today that its drilling fluid lubricant is both readily and ultimately biodegradable as defined by stringent international standards. The biodegradability of materials used in drilling fluids is a significant issue in terms of water and environmental contamination risks, site remediation costs and waste disposal. In addition to being biodegradable, ProOne’s drilling fluid lubricant is also non-toxic to aquatic life, as the company recently announced.
“This announcement of ‘ultimate biodegradability’ as well as the LC50 ‘Fish Kill’ test, shows we are clearly positioned to look at offshore applications of our technology,” said Elton Alderman, President and CEO of ProOne. “Our technology platform XPL+ is performing superbly in the Bakken, Permian and other basins, but we have an even bigger advantage when we get to offshore applications.”
Biodegradability refers to the time and completeness with which a substance breaks down into the basic elements of water and carbon dioxide in the environment. Tested in accordance with OECD 301B standards, ProOne’s drilling fluid lubricant achieved the “Readily Biodegradable” and “Ultimately Biodegradable” classifications. The “Readily” and “Ultimately” classifications are limited to those materials that break down most quickly and completely.
“Providing the oil and gas industry a drilling lubricant that offers unsurpassed friction reduction, reduces drilling costs and is earth friendly, in any type of mud, has always been our goal,” said Tim Wagner, ProOne’s CTO. “In well-after-well, operators have seen significant torque reduction and increased penetration rates using our lubricant. Having now passed the biodegradability and toxicity testing with flying colors, our lubricant will help operators reduce environmental risks and cleanup costs as well as drilling costs in all areas.”
Based in Orange County, California, ProOne, Inc. (ProOne), the operating division of ProOne Holdings, Inc., is in the business of developing and marketing high-performance, cost-effective, lubricants and fuel products for commercial, industrial and retail customers. ProOne produces the most advanced and effective drilling lubricant in the world. Approved for use by major drilling fluid suppliers, ProOne provides the drilling fluid through distributors such as National Oilwell Varco (NOV/Wilson). All products in the family, including the revolutionary drilling fluid, use its proprietary XPL+ technology. The products are proprietary formulations based upon metallurgical and molecular science that reduce friction substantially better than other products on the market, with over 50 times the film strength of conventional lubricants. For additional information on ProOne visit www.pro-one.us.
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.