PROPELL TECHNOLOGIES GROUP, INC. (OTCMKTS:PROP) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective December 15, 2016, David Ramsey was terminated, without cause, as the Company’s Chief Operating Officer (COO). The termination was effected strictly as a cost-cutting measure and the Company had no issues with Mr. Ramsey’s performance as COO. He will receive one month’s salary as severance.
About PROPELL TECHNOLOGIES GROUP, INC. (OTCMKTS:PROP)
Propell Technologies Group, Inc. intends to be an oil exploration and production acquisition company. The Company intends to build a base of producing assets by using technology, including Plasma Pulse well treatment, which uses no acidization, hydrofracking or other chemicals. The Company’s segment is the Plasma Pulse Technology for the petroleum industry. Through its subsidiaries, Novas Energy USA, Inc. and Novas Energy North America, LLC (NENA), the Company intends to manage oil production using the Plasma Pulse Technology. The Plasma Pulse Technology is an Enhanced Oil Recovery methodology and process. The Plasma Pulse Technology utilizes a down-hole tool that is lowered into vertical wellbores to the perforated oil producing zone. The Plasma Pulse Technology is suitable for oil wells as deep as approximately 12,000 feet. NENA has the exclusive right to use the Plasma Pulse Technology for treatment of vertical wells in the United States. It intends to acquire producing oil fields. PROPELL TECHNOLOGIES GROUP, INC. (OTCMKTS:PROP) Recent Trading Information
PROPELL TECHNOLOGIES GROUP, INC. (OTCMKTS:PROP) closed its last trading session up +0.0049 at 0.0269 with 50,730 shares trading hands.