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Gold/Mining/Energy : ESI Environmental Sensors Inc.
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To: ASI who wrote ()4/8/1998 4:29:00 PM
From: ASI   of 32
 
Today's release:

OIL WELL SENSOR CONSORTIUM
SUCCESSFULLY COMPLETES PHASE II

VICTORIA, B.C., April 8, 1998 - E.S.I. Environmental Sensors Inc. (the "Company" / "E.S.I.") is pleased to announce that the Company and its Oil Well Sensor Research partners held their Phase II Project Review March 27th at the Company's office in Victoria, and that all partners were impressed with continued progress and project results to date.

The review committee includes representatives from Saskatchewan Research Council (SRC), partner oil company engineering staff and an outside independent consultant, Mr. T. J. McCann, who has 30 years experience in the oil industry. Both Phase I and Phase II of the Oil Well Sensor Research Project were completed on time and on budget. The electronics for the first product model are currently being finalized and evaluated, while test results on flows at SRC's laboratory in Saskatoon have met or exceeded expectations. Pressure testing will take place during Phase III.

Field testing will commence on wells operated by Wascana later this summer. Other major oil companies have expressed interest, however management does not intend to negotiate further partnerships until the field testing has been completed. ESI will be the sole owner of this newly developed technology and expects to patent the technology. Delivery of commercial units is anticipated by the end of 1998. Industry statistics indicate that there are 900,000 operating wells worldwide, many of which would benefit greatly from the sensor. It is estimated that the total global market for this type of sensor is more than $3.5 billion.
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