Value Creation Inc. And Its Wholly Owned Subsidiary Ba Energy Inc. Filed A Regulatory Application To

< BACK TO NATURAL RESOURCES starstarstarstarstar   Conservation - Natural Resources Press Release
28th June 2010, 11:08pm - Views: 563






Business Finance Value Creation Inc. 2 image








MEDIA RELEASE PR40206


Value Creation Inc. and its Wholly Owned Subsidiary BA Energy Inc. Filed a Regulatory

Application to Build Tristar SAGD/Upgrading Pilot Project South of Fort Mcmurray, Alberta


CALGARY, June 28 /CNW-AsiaNet/ --


     /THIS PRESS RELEASE OR THE INFORMATION CONTAINED HEREIN IS NOT BEING

ISSUED IN OR INTO, AND MAY NOT BE DISTRIBUTED DIRECTLY OR INDIRECTLY IN OR

INTO, THE UNITED STATES OF AMERICA OR ANY JURISDICTION WHERE TO DO SO WOULD

CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION/


     Value Creation Inc. ("VCI"), part of the Value Creation Group, and its wholly owned subsidiary BA

Energy Inc. ("BAE") filed an application with the Energy Resources Conservation Board ("ERCB") to

build a 1,000 bpd Steam Assisted Gravity Drainage ("SAGD") integrated with Upgrading Pilot Project on

its TriStar leases in the Athabasca oil sands area (the "Project"). The Project is located approximately

14 km south of Fort McMurray. The TriStar leases contain over 2 billion barrels of contingent and

prospective recoverable bitumen that can support approximately 200,000 b/d of production for decades.


     The Project will establish the high reservoir qualities of the TriStar

leases and affirm the significant advantages of the integration of SAGD with

VCI proprietary upgrading technologies which can directly upgrade SAGD

wellhead slurry of bitumen emulsion, totally unique for upgrading

technologies. Such combination is expected to significantly simplify process

complexity, achieving very significant competitive advantages in capital and

operating costs, as well as reducing environmental footprint and emissions.


     This Project is key to a special business initiative with a series of

projects of increasing sizes, designed for expeditious execution and prudent

risk and financial management. "We fondly call this initiative Value Creation

In Motion ("VcIM"), our determined drive to define our destiny," said Dr.

Columba Yeung, Chairman and Chief Executive Officer of Value Creation Group.


     VcIM is one of three parallel business dimensions of VCI, the other two

being:


     -   Partnership with an International Super Major in the development of

         the Terre de Grace oil sand leases (a contiguous block with vast

         bitumen resources), which was announced on March 15, 2010. A 10,000

         bpd semi-commercial project has already received regulatory

         approvals.

     -   Value Chain Enhancement to provide upgrading and product value

         optimization for VCI, its partners and clients. VCI, via its

         subsidiary BAE, has regulatory approvals for a 260,000 bpd Merchant

         Upgrader in the Heartland Industrial Area, a pivotal logistic hub for

         oil movement from Alberta to North America and the Pacific Rim in the

         future.


     Note to editors


     -   Value Creation Inc. is a private Canadian company focused on the

         development of its large oil sands resource holdings to become a

         full-value-chain oil sands enterprise, leveraging synergistic

         applications of its proprietary technologies in integrated resource

         development.


     -   BA Energy Inc., a wholly owned subsidiary of VCI, owns a large block

         of prime industrial land (over a thousand acres) in the oil hub of

         Heartland ( NE of Edmonton), with major heavy oil pipelines from all

         3 major oil sands regions, and crude pipelines to U.S. markets.


     -   SAGD is a thermal in situ recovery process using pairs of horizontal

         wells. A horizontal production well is located near the bottom of the

         reservoir and steam is injected into a second horizontal well placed

         above it, heating the bitumen and enabling it to flow. The bitumen

         and condensed steam gravity drain into the lower horizontal well and

         are produced through the wellbore to the surface.


     -   VCI upgrading technology comprises two processes. The first process

         Accelerated Decontamination ("ADC(TM)") takes hot bitumen emulsion

         and the produced water directly from the SAGD wells and produces

         clean decontaminated oil ("DCO"), premium heavy oil with a negligible

         amount of asphaltenes. DCO can be transported with little or no

         diluent. The extracted asphaltenes can be sold as solid fuel or used

         as a fuel for steam generation. The water produced through this

         process contains minimal oil and requires nominal de-oiling prior to

         water treatment and steam generation.


     -   The second process, called Ultra Selective Pyrolysis upgrading

         ("USP(TM)"), can produce either synthetic crude oil or diluent by

         cracking the high boiling point residue in the DCO. The USP(TM) also

         produces synthetic gas that can be used for steam generation. The

         coke and gypsum by-products can be used for commercial purposes.


     CAUTION ON FORWARD-LOOKING STATEMENT


     This communication is based on information available when the materials

were prepared and is provided as a matter of convenience only. VCI makes no

warranty or representation, express, implied, statutory or otherwise, as to

the accuracy or completeness of the information contained in this

communication. VCI disclaims liability for any reliance upon any information

or representation contained in this communication, for any omissions from this

memo, and for any written or oral communications made by VCI or its

representatives in connection with this communication. This communication does

not necessarily contain all the information that a recipient may require or

desire. Any reliance or use of such information is done at the recipient's

sole risk. It is understood that only those representations and warranties

which may be contained in a definitive agreement, if and when executed, shall

have any legal effect. This communication is not and under no circumstances is

to be construed as, an advertisement or offer to sell any securities of VCI.

Certain statements contained in this communication are prospective in nature

and constitute forward-looking statements. Such statements involve known and

unknown risks, uncertainties, and other factors that could cause VCI's actual

results, performance or achievement to differ materially from those expressed

in, or implied by, the forward-looking statements. Accordingly, no assurance

can be given that any of the forward-looking statements will transpire or

occur, or if any of them do so, what benefits VCI will derive therefrom. VCI

disclaims any intention or obligation to update or revise any forward-looking

statements, whether as a result of new information, future events or

otherwise.



SOURCE:  Value Creation Inc.


CONTACT: +1 403.539.4500


Translations:




AsiaNet releases please visit http://www.asianetnews.net






news articles logo NEWS ARTICLES
Contact News Articles |Remove this article