Automated Transfer Systems Signs Agreement With Major Oil and Gas Producer to Develop Gas-to-Liquids Technology
DENVER, Sept. 25 /PRNewswire/ -- Automated Transfer Systems Corp. (OTC Bulletin Board: ATNY - news) today announced that a subsidiary, Carbon Resources Limited, has signed an agreement with one of Canada's larger oil and gas producers to develop CRL's proprietary technology for converting stranded natural gas to clean-burning petroleum fuels.
The agreement, signed with Renaissance Energy Limited in Calgary, will lead to construction, in Alberta, Canada, of a demonstration plant equipped with CRL's cold fusion gas-to-liquids technology. Renaissance will provide the stranded gas well for construction and testing of the plant, assist CRL with regulatory requirements of the Alberta Energy and Utilities Board, and, assuming favorable test results, will consider licensing the technology for use at selected gas wells in Alberta.
The plant, due for completion in April, 1999, will be engineered by Bower Damberger Rolseth Engineering Ltd., a privately owned oil and gas engineering firm in Calgary.
''We are very excited about completing this agreement with Renaissance Energy,'' said CRL president Thomas Cooley. ''We believe this collaboration may lead not only to a considerable revenue stream for our company and licensees around the globe, but also to a reduction in natural gas being released into the atmosphere.''
Natural gas, when vented or flared to the air, is a major contributor to atmospheric carbon dioxide and resulting increases in the planetary greenhouse effect.
The worldwide market potential for the gas-to-liquids technologies aimed at reducing this effect is estimated at more than $175 billion USD annually.
Renaissance Energy Ltd. trades on the Toronto and Montreal Stock Exchanges. In fiscal 1997, the company had revenues of $790 million and net income of $115 million.
Bower Damberger Rolseth Engineering Ltd. has built and managed more than 300 oil and gas facilities in Western Canada over the last 15 years.
Automated Transfer Systems Corp., which owns a 75 percent interest in Carbon Resources, is a Colorado corporation headquartered in Calgary with offices in Houston and London and an R&D affiliate in Orleans, France. |
