Company using biobased oil recovery solution seeks funding

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In New York, enhanced oil recovery company Revitalize Energy has tapped Castle Placement as its exclusive placement agent to raise $100 million. Revitalize aims to use the money to acquire and improve underperforming and shut-in oil and gas wells by using plant-based EOR chemicals produced by affiliate Green Life Chemicals. Green Life Chemicals has a “100% success rate to-date, having treated over 40 third-party owned wells with an approximate 100% average improvement in production,” according to the Chicago Evening Post.

The money will be used to acquire 4,000–5,000 bbls/day of oil producing equivalent with 10–15 years of remaining reserves.