Integrated Environmental Techno., Ltd. (OTCMKTS:IEVM) recently secured additional financing worth $1.96 million through the sale of its common stock. IEVM plans to use the proceeds to accelerate expansion of its oil and gas operations in the Permian Basin in New Mexico and the Uinta Basin in Utah. The company is also considering adding an additional production facility in the Permian Basin, Texas.
David R. LaVance, President and CEO of IEVM, mentioned that the success of the company’s Excelyte™ well maintenance treatments has created a huge opportunity for this business. The financing will allow the company to grow its team and expand operations to meet the market opportunities.
Earlier this month, Integrated Environmental Techno., Ltd. (OTCMKTS:IEVM) announced to expand its well maintenance treatments. Currently, the company is providing Excelyte™ treatments on 60 oil wells in the Uinta Basin, which represents about 200% increase from the number of oil wells the company was treating at the end of November 30, 2014. In addition, the company also provides treatments on 20 oil wells in the Permian Basin, which represents about 400% increase over the same period.
IEVM is estimating approximately $510,000 of revenue from these 80 wells over the next 12 months. In addition, the company is also pursuing discussions with seven new customers regarding the commencement of Excelyte™ treatments.
Mr. LaVance expressed that the recent decrease in oil prices are playing in favor of the company’s business, as oil companies are emphasizing to make existing wells more efficient rather than drilling new wells.
Integrated Environmental Techno., Ltd. (OTCMKTS:IEVM)’s Excelyte™ significantly reduce the hydrogen sulfide levels in oil wells. Hydrogen sulfide is a toxic, corrosive chemical, which generally appears in oil and gas production. The company treats oil production wells, which test positive for hydrogen sulfide, with scheduled applications of Excelyte™.