EDMOND, Okla., Feb. 1, 2010 (GLOBE NEWSWIRE) -- EnviroXtract, Inc. (Pink Sheets: EVXA) announced today that Management has executed a Memorandum of Understanding with Extractive Technologies, Inc. to acquire a license for Canadian oil sands extraction and upgrading. Concurrent with this acquisition, the Company is also developing a plan to become a fully-reporting company and return to the OTCBB.
Extractive Technologies specializes in proprietary ‘green’ energy solutions. Its oil technology applications utilize a unique coupling of electromagnetic energy and electro-static energy in a vacuum environment. An energy field intensely excites the oil feedstock at the molecular level, releasing any chemical bonds and breaking down molecular compounds to their elemental state. In short, the technology is capable of efficiently extracting bitumen from oil sands while simultaneously performing upgrading, hydro-treating, and partial refining of the bitumen product. The company is not aware of any other technology capable of achieving similar results.
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Extracts 99.9% of oil from oil sands feedstock
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No water is used in extracting bitumen from oil sands feedstock
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No chemical discharge or oil-polluted tailings ponds are created
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No natural gas or other fossil fuels are used in oil sands extraction or upgrading
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Carbon gases produced during processing can be captured in the ‘closed’ system
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Electrical power consumption is extremely low
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Tailings are clean and dry, ready for reintroduction into the environment
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Sulfur and other contaminants are significantly reduced during processing
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Bitumen is significantly upgraded during the extraction process
CANADIAN OIL SANDS
Oil sands, also known as tar sands, or extra heavy oil, are a type of bitumen deposit. The sands are naturally occurring mixtures of sand or clay, water and an extremely dense and viscous form of petroleum called bitumen. They are found in large amounts in many countries throughout the world, but are found in extremely large quantities in Canada and Venezuela.
Oil sands reserves have recently been considered to be part of the world's oil reserves, as higher oil prices and new technology enable them to be profitably extracted and upgraded to usable products. These oil sands may represent as much as two-thirds of the world's total petroleum resource, with at least 1.7 trillion barrels in the Canadian Athabasca Oil Sands.
Canada is the largest supplier of crude oil and refined products to the United States, supplying about 20% of total U.S. imports. Canada exports more oil and oil products to the U.S. than it consumes itself. In 2006, bitumen production averaged 1.25 million barrels per day through 81 oil sands projects, representing 47% of total Canadian petroleum production. This proportion is expected to increase as bitumen production grows while conventional oil production declines.
The environmental challenges facing Canada’s oil sands projects are enormous. More than 80 kilograms of greenhouse gases are released into the atmosphere for every barrel of bitumen produced from oil sands. The development of Canada’s oil sands is the single largest contributor to greenhouse gas emissions growth in Canada.
Current oil sands extraction methods have created hundreds of thousands of acres of oil-polluted tailings ponds which have altered the pristine landscape and replaced much of the muskeg and boreal forests of Alberta. For every barrel of bitumen that is produced from oil sands, 2 to 4 barrels of waste water are removed from Alberta’s rivers. Tailings ponds holding wastewater from mining operations are so extensive that they can be seen from space on regional-scale satellite photos. Many who have visited the oil sands region of Canada call this an environmental disaster.
Solutions for many of these issues may exist with Extractive Technologies’ applications.
About EnviroXtract, Inc.:
EnviroXtract, Inc. has developed an efficient technology to perform environmental remediation applications for oil spills and other toxic chemical remediation applications which require a complete separation of hazardous or toxic chemicals from contaminated soil. The technology has proven capable of removing virtually 100% of oil from soil, is extremely energy efficient, leaves clean, dry tailings with no residual oil, requires no water, natural gas, fossil fuels, or chemicals during processing, discharges no pollutants, and is capable of capturing carbon emissions in a closed vacuum processing system.
EnviroXtract will implement an aggressive schedule of testing its proprietary thermal process for extraction of various hazardous and toxic materials from soil samples. The Environmental Protection Agency (EPA) maintains a Toxic Release Inventory of 581 individually listed chemicals and 30 chemical categories which require removal and mitigation under federal regulations. Independent third-party analysis and verification will measure the effectiveness of the EnviroXtract thermal process in removing many of these toxic chemicals from soil samples. The results of these tests and subsequent analysis will be updated regularly on the EnviroXtract website, www.EnviroXtract.com. EnviroXtract plans to explore additional environmental remediation applications to enhance its business model.
EVXA currently has 404,775,793 shares issued and outstanding.
Safe Harbor
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of EnviroXtract, Inc., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.