Energy Optics, Inc. Announces Agreement with Griffin Petroleum for Satellite Monitoring

Energy Optics, Inc. subsidiary American Millennium Corporation has entered into an agreement with Griffin Petroleum to provide satellite monitoring of conditions on an existing oil lease operated by Griffin Petroleum. The agreement marks a significant step in implementing satellite-based data and messaging communications services for the oil and gas industry. Under the terms of the agreement, American Millennium will install a satellite transceiver to send data reports from various sensors, including volume of oil and water being pumped, high and low pressure safety switches, and load cell on the rod string and the down hole pump. The data will be transmitted through the ORBCOMM system, with ORBCOMM satellites downloading the data into earth stations operated by ORBCOMM in New York, Arizona, Georgia, and Washington state.

Key Takeaways:

• American Millennium Corporation, a subsidiary of Energy Optics, Inc., has agreed to provide satellite monitoring of an existing oil lease operated by Griffin Petroleum.
• The agreement will utilize the ORBCOMM system to transmit data reports from various sensors, including oil and water volume, pressure safety switches, and load cell data.
• The installation of the satellite transceiver will allow Griffin Petroleum to monitor and adjust pump speed to take advantage of positive peripheral effects.
• The agreement is a significant step in implementing satellite-based data and messaging communications services for the oil and gas industry.
• Energy Optics, Inc. and American Millennium Corporation have agreed to merge, with the merger to be effective upon acceptance for filing of Articles of Merger by the New Mexico Corporation Commission and a Certificate of Merger by the Delaware Secretary of State's office.
• The merger is subject to various conditions, including regulatory approvals and the number of potential customers in the target market.

Statistics:

• The ORBCOMM system operates earth stations in four locations: New York, Arizona, Georgia, and Washington state.

Sources:

• Business Wire, "Energy Optics, Inc. Announces Agreement with Griffin Petroleum for Satellite Monitoring", June 16, 1998.
• Energy Optics, Inc. press release, "Energy Optics, Inc. and American Millennium Corporation to Merge", May 27, 1998.