Here is the news release we have been waiting for...
Synergy's Heavy Oil Upgrading Unit to Begin Operations April 10
CALGARY, Alberta, March 8 /PRNewswire/ -- Synergy Technologies Corp. (OTC Bulletin Board: OILS - news) today said its pilot unit for the upgrading of heavy oils will commence testing at the company's new corporate and laboratory facility in Calgary by April 10.
The one-half barrel-per-day unit, which utilizes Synergy's proprietary CPJ technology for conversion of heavy oils into more valuable lighter oils, will process a series of Alberta heavy crudes in order to determine the unit's optimum operational parameters.
Assuming successful results from these tests, Synergy will commence demonstrations of the technology to potential licensees and joint venture partners.
According to initial testing completed last year at Synergy's facility in Orleans, France, CPJ technology is believed to offer up to 70 percent savings over all competing heavy to light oil conversion technologies.
The current worldwide market for heavy oil is 4.5 million barrels per day.
Synergy Technologies Corporation is a technology company with a present focus on developing oil and gas related technologies. The company holds the rights to a patented technology for the conversion of gas to liquids (``GTL') and the rights to a patent pending heavy oil upgrading technology (``CPJ Process') for the conversion of heavy to light crude. The company holds interests in both identified technologies. Both technologies are presently under development.
This document may include forward-looking statements as well as historical information. Forward looking statements include, but are not limited to, statements relating to the development of gas-to-liquids projects and interest in clean fuels and heavy oil upgrading projects. When used in this document the words ``anticipate,' ``believe,' ``estimate,' ``intent,' ``may,' ``project,' ``plan,' ``should' and similar expressions are intended to be among the statements that identify forward looking statements. Although Synergy believes that their expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward looking statements include the potential that commercial-scale GTL and/or Heavy Oil Upgrading facilities will not achieve the same results as those demonstrated on a laboratory or pilot basis or that such plants will experience technological and mechanical problems, the potential that the GTL and CPJ processes currently under development may not be successful, the impact on plant economics of operating conditions (including energy prices), competition, intellectual property risks, Synergy's ability to obtain financing and other risks described in the company's corporate information. The SynGen technology is protected by US Patents 5,993,761 and 6,007,742. |
