|By Marketwired .||
|June 10, 2014 10:15 AM EDT||
CALGARY, AB -- (Marketwired) -- 06/10/14 -- Petrosonic Energy, Inc. (OTCQB: PSON), an emerging leader in heavy oil upgrading and related technologies, reported today that it has successfully completed a third party engineering feasibility analysis and validation of its proprietary Sonoprocess sonic de-asphalting technology with Gas Liquids Engineering of Calgary.
"We are pleased and excited with the successful completion of this third party independent process which verifies and reaffirms the strong results previously obtained in our own internal testing," declared Petrosonic CEO, Art Agolli. "Moreover, for the first time, we now have validation of the scale potential of our technology including, importantly, the solvent recovery process. The resulting economic analysis affirms that we have the potential to operate our proprietary technology very profitably at a commercial scale. We can now show prospective customers and partners a complete engineering plan for a turnkey plant and a truly compelling economic model for plant operation."
According to Agolli, Petrosonic's sonication technology promises to not only improve the economics of heavy oil upgrading but to redefine them and enable a superior business model for the entire industry.
Current upgrading technology requires extremely high levels of capital investment that in turn necessitate large production volumes to make the economics work. While it would be highly desirable to upgrade and separate the products prior to transportation, until now this has not been a possibility. Today, large upgrading plants are located downstream because they must collect crude stocks from multiple production sites to obtain the volumes required in order to operate profitably.
Petrosonic' s proprietary sonication technology can be implemented at a capital cost per one thousand barrels/day of production that is less than 25% of that of current upgrading plants. Improvements to operating costs are equally impressive, as both process run times and the required quantity of solvent are dramatically reduced. As a result, the company believes that it may be possible, for the first time to construct and operate smaller scale upgrading plants so affordable that the upgrading process can now be moved all the way upstream to the wellhead, dramatically reducing transportation costs for producers while increasing the value of their production output.
"This is a truly exciting project with potentially very significant implications," said Kevin Bonde, project leader for Gas Liquids Engineering. "We have partnered with Petrosonic to apply innovative thinking and world class engineering design capability that may help to launch new technology into the heavy oil industry that promises to provide considerable advantages to the production and transport of heavy oil stocks."
"This has been a very successful effort," Agolli added. "Not only have we validated the feasibility for commercial scale implementation of our Sonoprocess technology, but we have also identified the potential for additional process improvements that may further enhance the already very promising economics of our plant operation. We look forward to reporting more on this latest round of process innovation and the resulting potential for significant increases in profitability."
Gas Liquids Engineering supervised all lab tests, generated the simulation of the separation and solvent recovery processes and coordinated end product analysis with Maxxam Analytics.
The successful results of the simulation were used to generate the preliminary engineering plan for scale up as well as cost estimates for the asphaltene separation and solvent recovery process equipment. The result is a flexible process unit with integrated step-wise solvent recycling in which process variables can be adjusted and optimized.
The sonication tests and the subsequent analysis conducted by Maxxam confirmed the capability of Petrosonic's technology to sonicate heavy oil using a paraffinic solvent to separate a heavy metals concentrated asphaltenes and resins fraction while producing a higher quality oil with increased API rating values.
About Petrosonic Energy, Inc.
Petrosonic Energy, Inc. is in business to deliver innovative technologies to the energy sector. The primary focus is to provide technologies, which upgrade heavy oil economically and in an environmentally friendly manner. The Company's patented Sonoprocess uses cleantech sonic energy to de-asphalt heavy oil at much smaller scale and lower capital costs than conventional upgraders and without the use of water or release of emissions in the atmosphere.
About Gas Liquids Engineering
Gas Liquids Engineering is a multi disciplinary engineering firm based in Calgary Alberta. With over 275 employees, GLE possesses broad in all of the engineering and project management services necessary for the successful design, procurement, installation and optimum operation of oil and gas processing facilities.
Forward-Looking Statements Disclosure
This press release may contain "forward-looking statements" within the meaning of the federal securities laws. In this context, forward-looking statements may address the company's expected future business and financial performance, and often contain words such as "anticipates," "believes," "estimates," "expects," "intends," "plans," "seeks," "will," and other terms with similar meaning. These forward-looking statements by their nature address matters that are, to different degrees, uncertain. Although the company believes that the assumptions upon which its forward-looking statements are based are reasonable, it can provide no assurances that these assumptions will prove to be correct. All forward-looking statements in this press release are expressly qualified by such cautionary statements, risks, and uncertainties, and by reference to the underlying assumptions.
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