Global Resource's Technology Succeeds in Turning Refinery Waste Oil Into Valuable Commodity; Increasing Value of Each Barrel of
December 05 2006 - 9:19AM
PR Newswire (US)
WEST BERLIN, N.J., Dec. 5 /PRNewswire-FirstCall/ -- Global Resource
Corp. (OTC:GBRC) (BULLETIN BOARD: GBRC) reports today another major
breakthrough in the application of its revolutionary microwave
technology in the processing of waste oil, or more commonly known
as Resid/Slurry Oil. Resid/Slurry Oil is refinery waste oil that is
too thick to economically crack or reprocess with past and current
technologies. At least 3%, and in some refineries as high as 7%, of
typical oil refinery production is Resid/Slurry Oil. The amount of
Slurry Oil worldwide is estimated to be approximately 365,000,000
barrels a year, of which at least a billion gallons of Resid/Slurry
Oil reside in US refineries alone each year. GBRC, using its unique
patent pending technology, is able to cost effectively breakdown
this Slurry Oil, commonly considered waste oil, into its natural
component parts, which contain the essential elements of various
types of valuable fuels, including such products as kerosene,
diesel fuel, and heating oil. Because of its revolutionary
microwave technology, GBRC can process this Slurry Oil product
worth between $3.00 and $10.00 and turn it into a product valued at
up to $35.00 a barrel. "We are very happy with the results but more
importantly, these results show that we have the ability to crack
and gasify a much greater amount of oil worldwide that is still
captured in oil wells. Resid/Slurry oil has a similar viscosity
comparatively to the oil that is non-recoverable in capped wells
worldwide. With our technology, we have an opportunity to extract
much more oil out of each capped well. Around 60% of oil in the
ground is non- recoverable and now we can get a piece of that. That
is why getting approval from the US Department of Energy to use The
Rocky Mountain Oilfield Testing Center (RMOTC)
http://www.fossil.energy.gov/facilities/rmotc/index.html is a giant
step to potentially improving worldwide oil production," said Frank
Pringle CEO of Global Resource Corp. About Global Resource
Corporation: Global Resource Corp. has a patent pending process
that allows for removal of oil and alternative petroleum products
at very low cost from various resources, including shale deposits,
tar sands and waste oil streams with significantly greater yields
and lower costs than are available utilizing existing known
technologies. The process uses specific frequencies of microwave
radiation to extract oils and alternative petroleum products from
secondary raw materials, and is expected to dramatically reduce the
cost for oil and gas recovery from a variety of unconventional
hydrocarbon resources. Global Resources' technology will not only
be developed to extract oil from shale, but from depleted oil
fields in the US and elsewhere, many of which still contain more
than half of the hydrocarbons originally in these fields, because
the residual hydrocarbons are too viscous to extract with
conventional technology. Contact: Global Resource Corporation
Phone: (856) 767-2450 Fax: (856) 767-2490 This news release
contains forward-looking statements regarding Global Resource's
business strategies and future plans of operations. Forward-looking
statements involve known and unknown risks and uncertainties. The
forward- looking statements contained in this news release speak
only as of the date hereof and Global Resources disclaims any
obligation to provide public updates, revisions or amendments to
any forward-looking statements made herein to reflect changes in
Global Resource's expectations or future events. DATASOURCE: Global
Resource Corp. CONTACT: Global Resource Corporation,
+1-856-767-2450, or Fax, +1-856-767-2490, or Web site:
http://www.fossil.energy.gov/facilities/rmotc/index.html
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