OOIL: First signed agreement for CLEAN-FRAC process with Pearl H2O water treatment firm. Royalty payments expected in 2013.
By Ian Gilson, CFA
OriginOil ( OOIL) has granted a non-exclusive license agreement to Pearl H2O for the integration of OriginOil's CLEAN_FRAC water treatment process into Pearl's frac water clean-up system. This system has been tested to safe water standards. Pearl H2O is a newly funded company with experience in agricultural drain-water treatment. Funding is from shareholders of PACE, which had validated the early testing of the CLEAN_FRAC process.
This is the first potential commercial application of the process and OriginOil expects to be paid, on a royalty basis from the revenue paid to Pearl, starting in early 2013.
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