Petro River Oil Corp.’s (OTCBB: PTRC) subsidiary Petro Spring LLC closed on a transaction to acquire almost all the assets owned by Coalthane Tech LLC, the company said in a March 5 statement.
The assets include certain intellectual property, trade secrets and know-how related to Coalthane’s proprietary technology to reduce methane emissions from coal-mines and other wells. The technology targets fugitive gas sourced from coal-mine methane, ventilation air methane, abandoned mine methane and/or fields of coalbed methane producing wells. The technology leverages similar chemistry and thermodynamic processes as the recently acquired Havelide System, the statement said.
The acquisition represents the second transaction by Petro Spring, the technology-focused arm of Petro River, and expands its portfolio.
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