ESI Secures Government Support, Key Partnerships for Oil Cut Meter Development
14 March 2014 - 12:00AM
Marketwired
ESI Secures Government Support, Key Partnerships for Oil Cut Meter
Development
VICTORIA, BRITISH COLUMBIA--(Marketwired - Mar 13, 2014) - E. S.
I. Environmental Sensors Inc. ("ESI" or the "Company")
(TSX-VENTURE:ESV) is pleased to announce with its developmental
partner Dycor Technologies Inc. of Edmonton Alberta, the approval
by the Board of Directors of Innovation Saskatchewan, for funding
of their joint proposal for commercialization of an advanced oil
cut sensor device. This funding announcement, by the Honourable
Bill Boyd, Minister of the Economy, is a cornerstone of that
province's deliberate focus on supporting innovative solutions to
enhance oil recovery from the vast Western Canadian Sedimentary
Basin, the major conventional oil producing region spanning three
Western provinces in Canada.
The evolution of this innovative capability was primarily driven by
Harvest Operations Corp. ("Harvest"), a key player in the Western
Canadian oil industry. Harvest is representative of the majority of
producers in this region, which face an ongoing challenge in
production of conventional oil - that of being able to cost
effectively measure the amount of oil produced at the well head in
high water cut oil wells. As wells mature they produce less and
less oil and more and more water. The majority of mature
conventional oil wells produce fluids that contain less than 5
percent oil - with some producing 100 percent water and no oil.
Removing the "water producers" saves the production and water
handling costs associated with those wells and frees battery
capacity to take on suspended wells that were taken offline in
times of lower prices.
ESI's core intellectual property will be significantly enhanced by
the collaborative contributions of its partners in this
operationally-focused technology commercialization effort.
The Saskatchewan Research Council, a highly respected petroleum
research, development and demonstration institution in Canada, will
provide the intensive operational test and evaluation of the sensor
technology required not only for finalization of the sensor
capability, but its ultimate deployment by the oil industry in
Canada and beyond.
Harvest will provide the facilities for field trial of the
technology throughout its commercialization phase, the expertise of
its reservoir and production engineering teams in optimizing the
capability to actual operational conditions, and the critical role
of first adopters of the finished sensor.
Dycor Technologies Ltd., with its extensive network of clients for
instrumentation technology solutions in the North American oil
industry, will contribute design engineering, manufacturing, and
broad market penetration in support of this technical innovation.
Mark Marsden, CEO of Dycor, indicated, "Our extensive research of
currently-available capability in oil and water cut sensor
technology has convinced us that ESI's unique technology and
practical approach is the clear and obvious solution to the high
water cut challenge facing the industry today".
This cooperative partnership, which will include funding of this
multimillion dollar initiative, is expected to provide all the
support necessary for the sensor's readiness for field trials
scheduled for 2015, with full operational deployment
thereafter.
Stephan Radermacher, Chairman and CEO of ESI, stated, "We could
not have conceived of a more practical and efficient partnership -
bringing together a leading Canadian governmental research
organization, the pull of a key industry partner, a design and
engineering partner with extensive commercial linkages into our
target market, and the intellectual property resident in the people
of ESI - to have a lasting and profitable impact on both production
and environmental stewardship in the international petroleum
sector."
About ESI
ESI is a leading manufacturer of patented and proprietary
solutions for environments where understanding the presence,
movement, and/or amount of water are important. Major market
sectors include: agriculture, golf and turf, scientific research,
civil engineering and crude oil production. ESI solutions have been
successfully introduced into more than 40 countries to enable
customers to optimize their operations by monitoring the presence
and movement of water, managing irrigation systems, and monitoring
the integrity of landfill covers. The Company's Flo·Point™
instrument was designed for the oil industry to measure the
volumetric presence of water pumped during crude oil extraction for
characterization and optimization of the process. ESI
differentiates itself by translating the best technology and
science available into practical, easy to use solutions. Irrigation
managers, Reservoir Engineers, and Scientists have adopted ESI's
products for their accuracy, ease of use, repeatability, and
ability to operate in challenging environments. ESI is publicly
traded on the TSX Venture Exchange under the symbol "ESV". Further
information about ESI may be obtained through the Company's website
at www.esica.com.
On behalf of the Company:
Bernard Beauchesne
Chief Operating Officer
THE TSX-VENTURE
EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS RELEASE.
E. S. I. Environmental Sensors Inc.Investor
Relations:250.655.32111-800.799.6324investor.relations@esica.comE.
S. I. Environmental Sensors Inc.Media Contact:Bernard
Beauchesne250.655.3211 or
1-800.799.6324bbeauchesne@esica.comwww.esica.com
E.S.I. Environmental Sensors (TSXV:ESV)
Historical Stock Chart
From May 2024 to Jun 2024
E.S.I. Environmental Sensors (TSXV:ESV)
Historical Stock Chart
From Jun 2023 to Jun 2024