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New Texas Company hopes to extract oil from old reservoirs

| Apr 15, 2014 | Business Formation And Planning |

A Texas oil technology company is going to attempt something new while using old technology. They hope to invest in older oil fields that have been left dormant. The company would like to use biotechnology to revamp old U.S. sandstone reservoirs in hopes of extracting about eight billion barrels of oil that has said to have been stranded. It has already made a $40 million purchase of land in Wood County, Texas where the sandstone is said to be located.

It is estimated that two-thirds of crude is trapped in older oil fields. Through a variety of techniques they hope to remove the oil without use of fracking or in any way harming the environment. The company merged with an Israel-based company as a part of a $185 million deal that will begin trading on the Nasdaq Capital Market.

Many business startups are created to take advantage of new or neglected technology and resources. Though there is always a risk associated with any startup, new ideas often result in a business obtaining a head start over other possible competitors. If the new ideas are marketed correctly investors are willing to take advantage of the new opportunity. On the other hand, investors may also back away from such ideas and the capital is never raised to get a project off of the ground.

It is helpful to have a savvy business lawyer who will help one through every step when creating a business. Beyond creating a carefully designed business plan, decisions concerning the correct business entity, creation of business agreements and tax considerations will need to be made.

Source: Fuel Fix, “Houston oil field biotechnology firm to go public,” April 14, 2014