Imperial obtains oil sand process rights to Canada
Imperial Petroleum, Inc. has purchased the exclusive rights to Canada for the development of a process designed to recover bitumen or heavy oil from tar and oil sands. In connection with the purchase, Imperial issued one million shares of its restricted common stock to Proven Engineering & Technologies LLC, the developer of the process. Imperial had previously announced the formation of Arrakis Oil Recovery, LLC in which it owns a 33.3% interest in the same process technology for territories outside of Canada. The oil sands recovery process uses a non-thermal, mechanical and chemical closed-loop system to recover the bitumen.
"Canada is the single largest producer of oil from tar sands in the world and as a result of the high temperatures employed in the recovery process currently in use in Canada, significant environmental issues associated with oil sand production have been created. The purchase of the exclusive rights to what we believe is the most advanced, cost-effective and eco-friendly processing technology currently available will allow us to penetrate this market more quickly as an environmental remediation company and solve these environmental problems," said Jeffrey T. Wilson, president of Imperial.
Imperial is an energy company headquartered in Evansville, Indiana.
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