Highlands Natural Resources, the London listed oil and gas company, says that the agreement in respect to its all share acquisition of a 75% interest in Diversion Technologies' current patent applications, in the US, UK, Canada and globally, has been signed. These patent applications cover a new well stimulation (fracking) diverter technology known as 'DT Ultravert' which the Board believes represents a highly disruptive force in the market, and has the potential to create a transformational shift in the US$50 billion per year fracking industry. The Acquisition will complete on Admission of the new shares.
DT Ultravert diverter technology enhances well output by directing hydraulic fracking fluids to unstimulated portions of the formation, thus releasing previously unrecoverable hydrocarbons at a fraction of the cost of drilling a new well. DT Ultravert technology is based on an inert gas form, in contrast with current diverter technologies which are largely based on solid forms.
'I believe this IP represents a timely breakthrough that the industry may adopt quickly, and in wide-ranging applications. Its beauty resides in its simplicity and addresses the problem at its source, inside the reservoir.' said Diversion Technologies' founder and inventor Paul Mendell.