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AirGATE Technologies Plans to Test Low-Cost Well Monitoring System
DALLAS --(Business Wire)-- Sept. 15, 2005 -- AirGATE Technologies, Inc., a company that specializes in Radio Frequency IDentification (RFID) and wireless, intelligent, sensor technology, is in the advanced stages of development on an ultra low-cost system for oil well monitoring. The new technology, developed by the X-Change Corporation's (OTCBB: XCHC) wholly owned subsidiary, will target older, "stripper wells."
According to the Department of Energy, more than 75 percent of all oil wells in the United States are classified as "stripper wells," producing fewer than 15 barrels per day. In aggregate, the 400,000-plus stripper oil wells in the United States produce nearly 1 million barrels of oil per day. These wells operate on razor-thin economics, and are therefore extremely sensitive to oil price changes or swings in operating costs.
From 1993 through 2000, approximately 150,000 of these marginal oil wells were abandoned, costing the nation more than $3.5 billion in lost economic output and leaving roughly 150 million barrels of crude in the ground. Additional wells are also at high risk for abandonment. Development of a cost-effective system that bolsters efficiencies has the potential to keep tens of thousands of wells pumping while improving bottom lines for thousands of small, independent American producers.
AirGATE plans to conduct beta testing of its technology before commercial release at well sites in East Texas owned by the X-Change Corporation. The technology will be based on 802.15.4 Zigbee. This robust, mesh-based wireless technology offers low power, easy deployment and supports an array of off-the-shelf sensors. AirGATE currently uses the technology in its child safety seat system under development.
Oil and gas wells are typically in remote, isolated locations. Field technicians called "pumpers" visit each well every day to record production and monitor well operations. It may be almost an entire day before a pumper visits a well and discovers a problem -- equipment failure or environmental issue. As a result, production and revenue are lost when a well shuts down. Eliminating or reducing manual well monitoring as well as reducing production downtime will provide economic benefits and payback.
Initially the AirGATE technology will monitor motor operation, flow rates, and tank levels, including saltwater disposal. The data is available in real-time and will be sent wirelessly over the Internet or cellular network to a secure web site. When deployed commercially, customers can monitor well activity and status from their desktop.
AirGATE Technologies has also applied for membership in the Stripper Well Consortium (SWC). The SWC is an industry-driven conglomerate focused on the development, demonstration, and deployment of new technologies needed to improve the production performance of natural gas and petroleum stripper wells.
About AirGATE Technologies
AirGATE Technologies, Inc. is an early-stage company specializing in radio frequency identification (RFID) and wireless, intelligent, sensor technology. As a full-solution company, AirGATE Technologies handles business assessment, process and technology blending, solution architecture, technology selection, including proprietary AirGATE technology, and solution integration and support. The Company has, in an environment of technology cost compression, built a stable of technology partners that are best in class and span a wide range of solutions to support small, medium and large enterprises. Please visit www.AirGATEtech.com for more information.
About the X-Change Corporation
The X-Change Corporation is a company that was organized to seek merger or acquisition candidates. The Company intends to acquire interests in emerging opportunities that the Company believes will generate significant revenues and return a profit to shareholders. Please visit www.x-changecorp.com for further information.
Forward-Looking Statements
Except for historical information contained herein, the statements made in this release constitute forward-looking statements (including within the meaning of Section 27A of the United States Securities Act of 1933 and Section 21E of the United States Securities Exchange Act of 1934). Such forward- looking statements are based on current expectations that are subject to significant risks and uncertainties that are difficult to predict, including statements regarding the intent, belief or current expectations of the X-Change Corporation, AirGATE Technologies and their respective managements regarding strategic directions, prospects and future results. These forward-looking statements include, among other things, statements regarding future events and the future financial performance of the X-Change Corporation that involve risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results. Readers are referred to the documents filed by the X-Change Corporation, which are on file with the U.S. Securities and Exchange Commission and may be accessed at http://www.sec.gov or the X-Change Corporation's investor relations web page at http://www.x-changecorp.com/index.html, and specifically the most recent reports on Form 10-K and 10-Q, each as it may be amended from time to time, which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. The X-Change Corporation disclaims any obligation to update or correct any forward-looking statements made herein due to the occurrence of events after the issuance of this press release.
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