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Technology Stocks : OILS - OTCBB: bringing stranded natural gas to market -- Ignore unavailable to you. Want to Upgrade?

To: washdeck98 who wrote (271)	1/11/2001 7:40:46 PM
From: Archie Meeties	Respond to of 275

CALGARY, Alberta, Jan 10, 2001 /PRNewswire via COMTEX/ -- Texas T Resources Inc. (CDNX: TXT) and its joint venture partner Synergy Technologies Corp. (OTC Bulletin Board: OILS) today announced they had reduced substantially the future royalty payouts on their proprietary and patented heavy oil upgrading technology ("CPJ"). Under the terms of the earlier royalty agreement, CPJ inventor Dr. Pierre Jorgensen, held the right to receive 65 percent of all licensing and royalty fees net of operating costs, from the licensing of the technology until he had received an aggregate payment of $1 million and a 35 percent share of such fees thereafter. Under the terms of the new royalty agreement, Dr. Jorgensen has agreed to reduce his payout to a flat 5 percent of all licensing and royalty fees, net of operating costs, in exchange for 500,000 common shares of Synergy and 500,000 common shares of an affiliate of Texas T. Additionally, Dr. Jorgensen has accepted an appointment to the Board of Directors of Carbon Resources Ltd., which owns and operates CPJ and is jointly owned on a 50-50 basis between Synergy and Texas T. "Working closely with my partners at Carbon for the past two years I am confident that CPJ is close to commercialization. By reducing my royalty payout in exchange for shares I can participate not only in the success of CPJ, but also in the anticipated success of the Texas T," states Dr. Pierre Jorgensen. CPJ, a technology for the upgrading of heavy to light crude, utilizes an instantaneous thermal transfer in conjunction with mechanical shear from high temperature steam, rather than injected hydrogen gas, to split the very large hydrocarbon molecules comprising heavy oil, forming lighter oils with significantly higher API gravities. The technology is believed to offer up to 70 percent savings over competing technologies. The technology has been developed under the guidance of Synergy's technology team directed by Mr. Tom Cooley. Tom Cooley, President of Carbon Resources Ltd. and Technical Director of Synergy said he was "exceptionally pleased" by Dr. Jorgensen's confidence in Synergy's ability to bring this innovative technology to market. "With respect to CPJ, we believe this technology can upgrade heavy to light crude with significantly higher API gravities at up to a 70% savings over competing technologies." Mr. Cooley noted that heavy oil, which currently makes up 6 to 10 percent of the 75 million barrels per day of worldwide oil production, is expected to increase to 25 percent of worldwide oil production over this decade. "This technology has more merit than any that I have seen after a lifetime in the processing industry," added Mr. Cooley. "In response to the industry wide interest in the CPJ pilot results, we are making plans for the construction of the first commercial scale plant."