Earth Search Sciences Inc. Completes Unrestricted License for Patented Technology to Recover Oil & Gas From Rich Colorado Oil Shale With Strong Alliance
Posted on: Tuesday, 30 May 2006, 12:00 CDT
Earth Search Sciences, Inc. (OTCBB:ESSE) today confirmed that its subsidiary company Petro Probe, Inc. is preparing to commence construction of a plant to recover oil and gas products from the rich oil shale areas of the Piceance Basin region in Colorado. Agreements were finalized for an unrestricted license from inventor and patent holder General Synfuels International, Inc. Further Petro Probe has entered into a Letter of Intent for an oil shale site license and technology sharing with Phoenix Wyoming Inc. and Independent Energy Partners, both private companies.
The Petro Probe in-situ oil shale recovery system is based on a new gasification process that will operate underground in an environmentally acceptable manner. Each plant is portable and located on a 2 to 3 acre site that produces approximately $100 million of hydrocarbon products before depletion occurs, whereupon the plant is relocated. The prototype plant will take 6 months to construct.
Testing and environmental impact studies will be completed before the full capacity operation is commenced.
Representative of the new alliance and President of Phoenix Wyoming, Inc., Bill Pelton PhD, said, "We are excited about the potential of the oil shale business with Petro Probe, Inc. and look forward to a long term relationship which can also utilize the airborne hyperspectral remote sensing capabilities of parent, Earth Search Sciences to pinpoint the location of oil shale reflectance values on the surface."
Larry Vance, CEO of Earth Search Sciences stated, "We believe the combination of partners that this alliance has, is right to fully exploit the oil shale market with a greater utilization of our assets and intellectual property. The ability of our hyperspectral technology to monitor precise environmental impacts is an advantage in ensuring the oil shale processing is clean and unobtrusive. Details will be released soon on the plant location and information will be posted on a Petro Probe website," he added.
See the Earth Search website: http://www.earthsearch.com/
This news release includes forward-looking statements that involve a number of risks and uncertainties. The information reflects numerous assumptions as to industry performance, general business and economic conditions, regulatory and legal requirements, taxes and other matters, many of which are beyond the control of the company. Similarly, this information assumes certain future business decisions that are subject to change. There can be no assurance that the results predicted here will be realized. Actual results may vary from those represented, and those variations may be material.
Source: Business Wire
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