|December 14, 2012|
Petrosonic Energy, Inc. issues Corporate Progress Report for Initial Oil Upgrading Facility
|December 14, 2012 - (Calgary) Petrosonic Energy, Inc. (PSON:OTCQB) is pleased to announce that the Company has completed all the infrastructure works including crude and solvent tanks, and completed the shipment to site of most of the major pieces of plant equipment for its first 1,000 barrels per day commercial plant. |
In addition, the company is pleased to report that it has successfully initiated the shipment to site of the emulsification plant from California and plans to start up the emulsification of crude within January 2013. This is a major milestone for Petrosonic as it will enable the company to generate revenue within January 2013. The company is discussing with several major reputable engineering companies to complete the full engineering of the solvent recovery process of its first commercial plant in order to further increase the solvent recovery rate and processing capacity in order to reach better economies of scale and profitability.
Art Agolli, Founder and CEO of Petrosonic says that "Petrosonic's technology is a low cost solution to the diluent problem worldwide for the oil industry and it can contribute immensely to the reduction of environmental footprint associated with the need to build more pipelines and having to transport asphalt all the way to refiners when it can be separated economically at the wellhead and sold locally".
The company is pleased to report that it is receiving considerable attention from the heavy oil producers, terminal operators and other industry service providers about its technology and is having discussions with several of them to apply its technology in their operations.
The company believes that its technology can be used to reduce the congestion of the pipelines that transport heavy crude significantly. Currently the oil industry consumes a huge amount of diluent (a refined hydrocarbon) to blend and move the crude via pipelines at huge costs. In Alberta, Canada alone 1 barrel of diluent is used for every 2 barrel of heavy crude that goes into the pipelines. The cost of diluent used and recycled for such operation comes to $10-12 per barrel. The company believes that its heavy oil upgrading technology can reduce significantly or eliminate the use of diluent to transport the heavy oil through the pipelines.
Petrosonic Investor Contact:
Art Agolli, CEO
Petrosonic Energy, Inc.
About Petrosonic Energy, Inc.
Petrosonic Energy, Inc. was established to deliver innovative technologies to the energy sector. Our current primary focus is to provide technologies that upgrade heavy oil economically and in an environmental friendly manner. Our patented SonoprocessTM uses clean tech sonic energy to de-asphalt heavy oil at much smaller scale and lower capital costs than conventional Upgraders and without use of water or release of emissions in the atmosphere.
This news release contains "forward-looking statements" which are not purely historical and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
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