As stated in our previous “July Upcoming Component Testing” update, we anticipated that by August we would be conducting the component testing. As of August 8, 2022, we completed a successful component test. All parts arrived from our vendors last week and we built the stack assembly. All the parts fit as designed with no surprises. The stack assembly performed as expected. We were able to apply the maximum voltage of the power supply to the stack assembly when submerged in oil. With this updated design, the power supply did NOT shut down due to arcing nor shorting which [...]

In our April 15, 2022, Investor Update we summarized how the results of the AOT component testing resulted in a set of design criteria for the new stack assembly and the success of identifying alternate materials of construction. Recently, we have been working to reduce those findings to practice. We are now moving forward to the following three steps: Complete testing of the component stack assembly. A full-size hydrostatic test of the AOT. A field test with a development partner. Our focus for this update is concerning the pending component tests. These tests are an important step validating newly [...]

“We are so pleased that the team is working well together, and I am proud of what we have accomplished. A hydrostatic full sized AOT test with a development partner’s oil is our next big milestone. I am confident that will be right around the corner.” Cecil Bond Kyte - CEO Good News One of the key parameters for successful deployment is the resistivity of the oil. It governs the current draw for a given field strength and ultimately drives the plate spacing of the grid pack. Based on our laboratory data set we have optimized the [...]

Cecil Bond Kyte, Chief Executive Officer and Chairman of the Board, commented, “From May 2021 to present we have conducted many tests designed to isolate components and variables on the grid pack and we have found locations where arcing occurred unexpectedly. In this investor update we will share some of our key findings. Furthermore, we plan to implement and test some of these design changes in the coming weeks.” Dr. Christopher Gallagher explained, “The inability to achieve treatment field strength has been a recurring theme through the demonstration project, where we were under contract to provide services to our [...]

Dear Shareholder: I am pleased to have taken on the role of CEO and Chairman of the Board of the Company, and I am excited about the opportunity to address and solve the challenges the Company has faced in its efforts to develop and commercialize its Applied Oil Technology. I, of course, cannot provide any guarantees about the outcome of my efforts or the commercialization of our Applied Oil Technology, except to say that I will be diligent and devoted in my efforts to achieve success for the Company. As reported in our Form 8-K filed with the SEC [...]