Energy Quest, Inc. ("EQI"), an emerging leader in alternative energy, announced today that its wholly owned subsidiary, WaveChem, Inc. (WCI) has signed an agreement with Northern Alberta Oil Ltd, (NAOL), a wholly owned subsidiary of Deep Well Oil and Gas, Inc. (Other OTC:DWOG.PK - News), to construct a 5,000 barrels per day heavy crude oil upgrader. The upgrader will convert Heavy Crude OilThe Upgrader technology uses an electromagnetic field to align long chain hydrocarbon molecule chains, which are then subjected to ultrasonic energy waves. This process creates cavitation bubbles within crude oil, heavy oil, tank bottoms, or bitumen. With WaveChem upgrader technology, the bubbles collapse at great temperature and pressure. The collapse of these bubbles causes the breaking of the long chain hydrocarbon molecules WITHOUT the need for external sources of heat and pressure used in current conventional processes. However, the overall process operates at lower temperatures and pressures meaning that energy consumption is nominal and operating costs and maintenance costs are significantly reduced in comparison to other methods.
The EQI UPGRADER technology offers the following advantages:
-- The technology can be installed at field batteries to upgrade heavy
oil to eliminate the use of condensate and/or fully upgrade heavy crude oil
and employs no catalysts.
-- The systems are modular, so they can be sized to meet the local demand
rather than having centralized installations. Processing systems can be
installed from1,000 bbls/day to 100,000 bbls/day or more, if more capacity
is required.
-- Systems can be designed for portability to be moved from one location
to another.
-- Initial construction time is reduced and harmful environmental
emissions virtually eliminated.
-- The process is flexible, can process bottoms, heavy oil, bitumen, and
light oil; eliminates blending with condensate; and no petroleum coking.
-- It considerably improves oil quality before the oil refining takes
place.
-- It substantially reduces or eliminates blending during oil
transportation or prior to input into pipelines.
-- "Unit driven" equipment enables redundant systems and equipment train
rotation -- no downtime for maintenance or to replace catalyst.
-- Lower capital risk, reduced requirements for manpower, and it
virtually eliminates environmental risks. The EQ upgrader also qualifies
for carbon credits since it does not produce any air emissions and will
generate significant incremental revenues from the trading of carbon
credits.
WCI will utilize Energy Quest's innovative hydrogen generation technology referred to as the PyStR(TM) (pronounced "Pie Star") process. This process can directly produce high purity hydrogen from biomass, heavy crude, oil sands, coal, and petroleum coke. Hydrogen will be used in the upgrading process and CO2 for enhanced oil recovery. WCI will also utilize the company's Fluid Bed gasification unit to provide power for the project. Gasification is a chemical and heat (thermo chemical) process used to convert solid materials into a gas for use as a fuel.
The company will provide the proprietary technologies, equipment and project management for the complete gasification plant and upgrader, while NAOL will provide the supply of oil to be upgraded
"This environmentally friendly technology is a major breakthrough and we look forward to working with Wave-Chem," said Mr. Curtis Sparrow, President of Northern Alberta Oil Ltd.
The total cost for the plant is estimated at $23.5 million USD. It is expected that the total project will be completed within 12 to 15 months with the first module of 1,000 bbls/day ready for production within six months from the signing of the agreement. Company officials anticipate immediate cash flows with gross annual revenues of $14.1 million while yielding a net profit of $5.8 million after taxes and debt payment.
"We look forward to getting this project underway and plan on other mutually beneficial opportunities with other areas of the company's related technologies in the future," stated Wilf Ouellette, President and CEO of Energy Quest, Inc.
About Deep Well Oil & Gas, Inc. and Subsidiaries
Deep Well Oil & Gas, Inc. is a Nevada corporation based in Alberta, Canada. Deep Well and its subsidiaries Northern Alberta Oil Ltd. and Deep Well Oil & Gas (Alberta) Ltd. have a 100% working interest in 6 contiguous sections of a P&NG license, an 80% working interest in 51 contiguous sections of oil sands development leases, 40% working interest in an additional 12 sections of oil sands development leases and an 80% working interest in 6.5 sections of oil sands permits in the Sawn Lake heavy oil area in North Central Alberta. The permits and leases cover 47,759 acres. Degolyer and MacNaughton Canada Limited ("D&M"), an independent engineering company, has summarized the original oil in place for the Sawn Lake Project. D&M have concluded that net to Deep Well there are 1.2 billion barrels of oil in place, based on mapping generated for the appraisal report. www.deepwelloil.com
About Energy Quest
Energy Quest, Inc., a Nevada corporation, with its subsidiaries, WaveChem Inc., Syngas International Corp. and Syngas Energy Corp., is an emerging leader in the development and marketing of low-cost alternate fuels worldwide. Through superior technology, the Company is focused on becoming a GreenPowerhouse(TM). Record energy prices, combined with the global focus moving rapidly towards addressing pollution, has heightened the need for sustainable, zero emission energy. Energy Quest's technology is based on clean, renewable energy, positioning it to benefit from global trends. feed-stock to 32 API light oil.
Contact:
Contact:
Energy Quest, Inc.
Investor Relations
888-619-2221 or 877-661-2112
or 404-478-9845
e-mail: info@nrgqst.com
source: yahoo
The EQI UPGRADER technology offers the following advantages:
-- The technology can be installed at field batteries to upgrade heavy
oil to eliminate the use of condensate and/or fully upgrade heavy crude oil
and employs no catalysts.
-- The systems are modular, so they can be sized to meet the local demand
rather than having centralized installations. Processing systems can be
installed from1,000 bbls/day to 100,000 bbls/day or more, if more capacity
is required.
-- Systems can be designed for portability to be moved from one location
to another.
-- Initial construction time is reduced and harmful environmental
emissions virtually eliminated.
-- The process is flexible, can process bottoms, heavy oil, bitumen, and
light oil; eliminates blending with condensate; and no petroleum coking.
-- It considerably improves oil quality before the oil refining takes
place.
-- It substantially reduces or eliminates blending during oil
transportation or prior to input into pipelines.
-- "Unit driven" equipment enables redundant systems and equipment train
rotation -- no downtime for maintenance or to replace catalyst.
-- Lower capital risk, reduced requirements for manpower, and it
virtually eliminates environmental risks. The EQ upgrader also qualifies
for carbon credits since it does not produce any air emissions and will
generate significant incremental revenues from the trading of carbon
credits.
WCI will utilize Energy Quest's innovative hydrogen generation technology referred to as the PyStR(TM) (pronounced "Pie Star") process. This process can directly produce high purity hydrogen from biomass, heavy crude, oil sands, coal, and petroleum coke. Hydrogen will be used in the upgrading process and CO2 for enhanced oil recovery. WCI will also utilize the company's Fluid Bed gasification unit to provide power for the project. Gasification is a chemical and heat (thermo chemical) process used to convert solid materials into a gas for use as a fuel.
The company will provide the proprietary technologies, equipment and project management for the complete gasification plant and upgrader, while NAOL will provide the supply of oil to be upgraded
"This environmentally friendly technology is a major breakthrough and we look forward to working with Wave-Chem," said Mr. Curtis Sparrow, President of Northern Alberta Oil Ltd.
The total cost for the plant is estimated at $23.5 million USD. It is expected that the total project will be completed within 12 to 15 months with the first module of 1,000 bbls/day ready for production within six months from the signing of the agreement. Company officials anticipate immediate cash flows with gross annual revenues of $14.1 million while yielding a net profit of $5.8 million after taxes and debt payment.
"We look forward to getting this project underway and plan on other mutually beneficial opportunities with other areas of the company's related technologies in the future," stated Wilf Ouellette, President and CEO of Energy Quest, Inc.
About Deep Well Oil & Gas, Inc. and Subsidiaries
Deep Well Oil & Gas, Inc. is a Nevada corporation based in Alberta, Canada. Deep Well and its subsidiaries Northern Alberta Oil Ltd. and Deep Well Oil & Gas (Alberta) Ltd. have a 100% working interest in 6 contiguous sections of a P&NG license, an 80% working interest in 51 contiguous sections of oil sands development leases, 40% working interest in an additional 12 sections of oil sands development leases and an 80% working interest in 6.5 sections of oil sands permits in the Sawn Lake heavy oil area in North Central Alberta. The permits and leases cover 47,759 acres. Degolyer and MacNaughton Canada Limited ("D&M"), an independent engineering company, has summarized the original oil in place for the Sawn Lake Project. D&M have concluded that net to Deep Well there are 1.2 billion barrels of oil in place, based on mapping generated for the appraisal report. www.deepwelloil.com
About Energy Quest
Energy Quest, Inc., a Nevada corporation, with its subsidiaries, WaveChem Inc., Syngas International Corp. and Syngas Energy Corp., is an emerging leader in the development and marketing of low-cost alternate fuels worldwide. Through superior technology, the Company is focused on becoming a GreenPowerhouse(TM). Record energy prices, combined with the global focus moving rapidly towards addressing pollution, has heightened the need for sustainable, zero emission energy. Energy Quest's technology is based on clean, renewable energy, positioning it to benefit from global trends. feed-stock to 32 API light oil.
Contact:
Contact:
Energy Quest, Inc.
Investor Relations
888-619-2221 or 877-661-2112
or 404-478-9845
e-mail: info@nrgqst.com
source: yahoo
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