Chimera Energy looks to Mexico for further shale exploration

Chimera Energy Corp has been holding meetings with PEMEX in Mexico City about the possibility of shale exploration in the country and has identified three Chicontepec Formation wells for use of Chimera’s new Non-Hydraulic Shale Oil Extraction system.

The purpose of the meetings is for PEMEX and Chimera Energy Corp to collaborate on utilizing CHMR’s revolutionary exothermic Non-Hydraulic Extraction system throughout Latin America, pursuing an initial deal between the two companies that was executed last week.

The Non-Hydraulic Extraction system is a revolutionary Shale Oil extraction technology designed to safely and economically replace hydraulic fracturing (AKA fracking and fracing) without negative environmental impacts. The new process uses no water.

The development of using the new process on Chicontepec Formation wells is very significant, as this basin is considered Mexico's largest certified hydrocarbon reserve, totaling more than 139 billion barrels of oil.

Company President Grob expects to announce several major business developments, once the meetings in Mexico City have concluded.

Hydraulic fracturing has already been banned in a number of European countries and there has been public discontent with the process in the US as well, due to fears about groundwater pollution.

Non-Hydraulic Extraction has recently emerged to be asserted as a cheaper and more effective extraction method that does not affect groundwater at all. Chimera Energy Corp is in the process of reengineering this new method for mass production, relicensing and sales.

Adapted form press release by Peter Farrell.

Read the article online at: https://www.oilfieldtechnology.com/exploration/16082012/chimera-energy-and-pemex-to-explore-for-shale-in-mexico-2012/