EQI Signs Definitive Agreement With Cancen Oil Energy Quest Signs Definitive Agreement With Cancen Oil Processors
Thu Jul 30, 2009 9:23am EDT
EDMONTON, AB, Jul 30 (MARKET WIRE) --
Energy Quest, Inc. ("EQI") (OTCBB: EQST), an emerging leader in
alternative energy, announced today that it has signed an agreement with
Cancen Oil Canada Corp. to provide testing facilities and feedstock for
the testing phase of the construction of a 1,000 barrels per day heavy
crude oil upgrader. The upgrader will convert Heavy Crude Oil feed-stock
to 32 API and above light oil.
The 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 Energy Quest 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. The overall process operates at lower temperatures
and pressures which means that energy consumption is nominal and operating
costs and maintenance costs are significantly reduced in comparison to
other methods.
Energy Quest's innovative hydrogen generation technology referred to as
the PyStR(TM) (pronounced "Pie Star") process will be combined with the
EQI Upgrader. The PyStR process can directly produce separate streams of
high purity hydrogen and CO2 from biomass, heavy crude, oil sands, coal,
and petroleum coke. Hydrogen will be used in the upgrading process and
CO2 for enhanced oil recovery. Energy Quest 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.
Energy Quest will provide the proprietary technologies, equipment and
project management for the complete gasification plant and upgrader, while
Cancen will provide the supply of oil to be upgraded during the testing
process.
"We are pleased to being a part of introducing this environmentally
friendly technology for the petroleum industries in Alberta and the
benefits it will provide for the environment. We feel this is a major
breakthrough in the petroleum industry and look forward to working with
Energy Quest, Inc.," said Mr. Keith Talbot, President of Cancen Oil Canada
Corp.
"We look forward to completing the construction of the first 1,000 barrel
per day heavy crude oil upgrader and with the assistance of Cancen we will
speed up, launch and commercialize the process and be able to test the
operation before sending it to the field. In addition, any start-up
problems will be resolved at the New Sarepta Cancen location. This will
assist us in providing startup for the Deep Well 5,000 barrel per day
plant which was previously announced. We will also invite to the site oil
companies to view the technology giving us the ability to demonstrate that
it is now possible to build low cost and efficient upgraders which produce
no petroleum coke and no air emissions. Introducing a clean and green
upgrader right here in Alberta where we have the world's largest heavy oil
reserves, is good for Alberta and the entire oil industry," stated Wilf
Ouellette, President and CEO of Energy Quest, Inc.
About Cancen
Cancen Oil Processors Inc. utilizes technology that has been proven across
North America, to be effective in the highest range of oil/water/solids
combinations in conventional and heavy oils. The three-stage process,
ensures the material delivered to site will be handled, categorized and
processed in the best possible manner. Oil Waste facilities have the tough
job of processing off-spec oil and waste. In Alberta's current economy,
oil industry is huge, and keeping it clean is a big job. Cancen Oil
Processors is helping to keep oil waste disposal procedures above
regulatory expectations. Cancen certainly has a great deal to offer, with
significant capabilities. Cancen and its staff have over 20 years of
experience in oil waste processing, and they fully conform to ERCB
regulations. Cancen is striving to create a value for used oil through
its three-stage process, including on-site safe disposal of used water.
Cancen uses a specialized process to clean this oil, which enhances the
value in the market place. Cancen specializes in general cleanup and
disposal of slop oil, tank bottoms, and crude treatment; Cancen is
helping to ensure used oil is prevented from entering ecosystems. Also,
recovering the value of used oil, by custom treating crude and custom
blending into high quality, saleable oil. Cancen utilizes technology that
has been proven across North America, to be effective in the highest
range of oil/water/solids combinations in conventional and heavy oils.
The three-stage process ensures the material delivered to site will be
handled, categorized and processed in the best possible manner. Alberta
is an excellent place for oil business, and environmental stewardship is
an important trend that oil businesses must follow, now and for the
future. For more information visit www.cancenoil.com
About Energy Quest
Energy Quest, Inc., a Nevada corporation, with its subsidiaries WaveChem
Inc. (www.wavechem.com) 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.
Web-site https://www.nrgqst.com/
Forward-Looking Statements
From time to time, the company may issue forward-looking statements, which
involve risks and uncertainties. This statement may contain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as actual results could differ and any
forward-looking statements should be considered accordingly. The
Company's filings may be accessed at the SEC's Edgar system at
www.sec.gov. Statements made herein are as of the date of this press
release and should not be relied upon as of any subsequent date. The
Company cautions readers not to place reliance on such statements. Unless
otherwise required by applicable law, we do not undertake, and we
specifically disclaim any obligation, to update any forward-looking
statements to reflect occurrences, developments, unanticipated events or
circumstances after the date of such a statement.
Contact:
Energy Quest, Inc.
Investor Relations
877-661-2112 or 888-619-2221
or 404-478-9845
e-mail: info@nrgqst.com
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