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Wescorp Energy Inc WSCEE



GREY:WSCEE - Post by User

Bullboard Posts
Post by pioneer69on May 22, 2007 9:23am
252 Views
Post# 12816481

News...

News...CALGARY, ALBERTA, May 22, 2007 (MARKET WIRE via COMTEX News Network) -- Wescorp Energy Inc. (OTCBB: WSCE) is pleased to announce that it has entered into a Letter of Intent (LOI) with a private Canadian corporation to acquire two operating business units. These organizations use proprietary technology to improve the management, environmental and economic performance of field operations for energy producers. The transaction is subject to due diligence, the usual and customary conditions, and entering into a definitive agreement. In accordance with the terms of the LOI, Wescorp would purchase the business units providing full ownership of the technologies. The engineering firm supplies process-driven solutions that substantially reduce direct and indirect operating costs. A typical solution involves a field reengineering process and can deliver 40 - 60 percent reduction in costs while providing better decision-making support. The firm currently is involved with projects in the deepwater Gulf of Mexico, Alberta, Canada and Alaska. The second business unit is involved in the remediation of water contaminated during the exploration and production of oil and gas. This technology was designed to remove residual oil found in water with a significant economic and environmental impact. During the water flood process that is common throughout the world as part of Enhanced Oil Recovery (EOR), approximately 0.5 - 3% residual oil remains in the water using current practices. The addition of these business units will have immediate impact on Wescorp Energy's ability to enhance the economic performance and environmental impact of its clients.
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