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From the Wires
New Technology Could Revolutionize Heavy Oil Upgrading
Note to Editors: The Following Is an Investment Opinion Issued by the IO Circuit
By: Marketwired .
Dec. 26, 2012 07:30 AM
NEW YORK, NY -- (Marketwire) -- 12/26/12 -- In Oil Sands Review new January issue, Art Agolli, CEO of Petrosonic Energy (OTCQB: PSON) describes his company's patented Sonoprocess, which uses clean-tech sonic energy to deasphalt heavy oil.
Agolli says he's confident the technology will work, since it has been thoroughly tested at Sonic Technology's Richmond, B.C., site. "[It] has been operating there for eight years on a batch basis," he says. "The only thing that is changing is this will be a continuous operation."
The sonic reactor is only about two metres long and about half a metre wide, and can reportedly be easily duplicated and modularized. The company is looking at increasing the size of the chambers, which would allow for larger volumes to be processed.
Petrosonic plans to raise $15 million to $20 million in the next several months to advance the technology. The company wants to either license the technology to producers or seek joint ventures. "We would possibly also acquire some of our own producing assets [in Canada]," Agolli says.
Other active stocks are BP (NYSE: BP), Talisman Energy (NYSE: TLM) and Suncor Energy (NYSE: SU)
This report is for information purposes only, and is neither a solicitation to buy nor an offer to sell securities. Information, opinions and analysis contained herein are based on sources deemed to be reliable and are subject to change without notice. A third party has hired and paid IO Circuit one thousand two hundred and ninety five dollars for the publication and circulation of this news release. Accordingly, certain information included herein may be forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. However, no representation, expressed or implied, is made as to the accuracy, completeness or correctness. In light of the above, we accept no liability for any losses arising from an investor's reliance on or use of this report. We do not and have not had any ownership interest in said third party of any kind.
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