HOPKINS COUNTY, KY (1/26/12) – Madisonville Mayor, David Jackson, hosted a gathering Thursday morning to spotlight a growing Madisonville company, Navitas Land and Mineral. The company is an oil drilling company with office on Lantaff Blvd. in Madisonville.
The company will be doubling its payroll to $8 million this year up from $2.5 million in 2011. This growth is due in part to investments by two Chinese families. The families are in town, so Jackson took the opportunity to welcome the new investors and highlight the growing business.
“We welcome the direct and indirect employment they provide as well as their other investment and acquisition in excess of $9 million dollars into the Western Kentucky Community.” Jackson said.
Navitas was formed in 2009 and has acquired 3 significant leases and has optioned additional leases all in the Illinois Basin. The company will be developing the Oakley Field in Hopkins County Kentucky. Jackson said that Navitas is using Enhanced Oil Recovery methods and is one of the most advanced systems in the state of Kentucky.
Company owner, Dan Williams, said that the company injects liquid carbon dioxide (CO2) into wells. When the CO2 warms deep underground, it evaporates into gas and creates a high pressure state in the rock holding oil. The oil is displaced and collected. Some CO2 is collected with the oil and that gas is cooled and reused. Williams said that the process is used at depths in excess of 2,900 feet below the ground. Most of the CO2 remains underground. The CO2 is produced and collected at an ethanol plant in Hopkinsville and would otherwise be released into the atmosphere.
Williams said that the process is not regulated by the State of Kentucky but feels that the process is totally safe. He points out that CO2 is not flammable, explosive or toxic. He refers to the process as “Huff and Puff”. The company drilled 29 wells in 2011 using 2 drill rigs. For 2012, Williams estimates that the company will drill 50 wells using 4 rigs.
Attending the reception was Xiaohua Mao, investor and Government Liaison between China and the U.S. along with her son James F. Zhang; Long Zhang, investor and husband of Xiaohua; Rui Yang; Navitas Consultants – Brian Brick and Mark Michaud. Members of the Madisonville City Council as well as Hopkins County Judge Executive, Donnie Carroll were in attendance.
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