logo-loader

Petrostar Petroleum Gains Regulatory Approval for its Electric Tank Heater Technology

Published: 20:15 22 Oct 2009 AEDT

no_picture_pai

Petrostar Petroleum Corporation (TSX-V: PEP, Frankfurt: LMQ) announced that the company has received the final CSA Certificate of Compliance certificate for its Electric Tank Heater (ETH). In addition to the CSA approvals the ETH has received Canadian Industrial Design and USA Patent designations.


In addition to Petrostar’s oil production, development and exploration activities in Saskatchewan, where Petrostar has one producing oil field and several development project. Petrostar are also developing new propriety technologies to aid oil exploration and production methods. Its primary technology developments include the Electric Tank Heater and the ‘Down Hole Tool’ (DHT), which is a system and method for generating underground heat, steam and pressure.


The CSA certificate is valid for Canada and the USA. The certificate approves Petrostar’s tank heater safety standards for ‘Explosion Proof Enclosure for Use in Class I Hazardous Locations’ and for ‘Electric heaters for use in Hazardous Locations’.


Petrostar's improved electric tank heater (ETH) has the potential to lower operating costs by reducing consumption of fossil fuels and additionally, it would lead to zero CO2 emissions. This would be a major development to help Canada's oil industry meet or surpass the standards put forth by the Kyoto accord. Current heater technologies are used to heat the tank oil and maintain it at approximately 70 degrees celcius, which is a significant operating cost especially during the winter months.


According to today’s statement, many companies have expressed their interest in the tank heater and have had representatives visit Petrostar's Lloydminster facility to inspect and learn more about the ETH technology.


Such companies include Husky Oil, Canadian Natural Resources, Pennwest and Devon Energy. Feedback to date has been very positive and Petrostar expects to be able to give further updates regarding trials and sales very shortly.


In addition to the EHT development update, Petrostar also announced that it has Mr. Aaron Lane to the company’s board of directors. Mr. Lane has extensive experience in both heavy and light oil and in all areas of field operation and has been reviewing all of Petrostar's current operations. Mr Lane is expected make recommendations back to the board on all future projects.


Following the addition to the board Petrostar also restructured the senior management positions, appointing current director Mr. William Stafford, to the CFO's position. Mr. Stafford takes over the position replacing fellow director Mr Robert A. Sim, who will continue to act as company Secretary.


Separately Petrostar also revealed that an aggressive work over program on three suspended wells at the Maidstone field is currently being completing. The programme will replace all worn equipment and upgrading production techniques to return them to production. Further updates will be provided as the work continues.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

8 hours, 9 minutes ago