Petro River Oil Corp. reported that its wholly owned subsidiary Petro Spring LLC (Petro Spring) has entered into an agreement to acquire substantially all the assets owned by chemical solutions provider Havelide GTL LLC (Havelide), including certain patents, intellectual property, trade secrets, and know-how related to Havelide's process of converting natural gas to high value liquid products, including naphtha, hydrogen peroxide, and hydrogen gas (the "Acquisition"). The process, named "The Havelide System™" achieves gas-to-liquids (GTL) through a proprietary molten salt catalyst.
The potential acquisition represents the first transaction by Petro Spring, the technology-focused arm of Petro River, launched to take advantage of the technological expertise of Petro River's management team. Executive Vice Presidents Ruben Alba and Daniel Smith both have experience working towards the development of technologies at Halliburton and XTO, respectively. Dr. Jamie Rector, Petro River's Chief Technology Adviser, will help guide this project. Dr. Rector is currently a tenured professor at the University of California-Berkeley and obtained his Ph.D. in Geophysics from Stanford University.