Earth Search Sciences Inc. Completes Unrestricted License for Patented Technology to Recover Oil & Gas from Rich Colorado Oil S
May 30 2006 - 10:33AM
Business Wire
Earth Search Sciences, Inc. (OTCBB:ESSE) today confirmed that its
subsidiary company Petro Probe, Inc. is preparing to commence
construction of a plant to recover oil and gas products from the
rich oil shale areas of the Piceance Basin region in Colorado.
Agreements were finalized for an unrestricted license from inventor
and patent holder General Synfuels International, Inc. Further
Petro Probe has entered into a Letter of Intent for an oil shale
site license and technology sharing with Phoenix Wyoming Inc. and
Independent Energy Partners, both private companies. The Petro
Probe in-situ oil shale recovery system is based on a new
gasification process that will operate underground in an
environmentally acceptable manner. Each plant is portable and
located on a 2 to 3 acre site that produces approximately $100
million of hydrocarbon products before depletion occurs, whereupon
the plant is relocated. The prototype plant will take 6 months to
construct. Testing and environmental impact studies will be
completed before the full capacity operation is commenced.
Representative of the new alliance and President of Phoenix
Wyoming, Inc., Bill Pelton PhD, said, "We are excited about the
potential of the oil shale business with Petro Probe, Inc. and look
forward to a long term relationship which can also utilize the
airborne hyperspectral remote sensing capabilities of parent, Earth
Search Sciences to pinpoint the location of oil shale reflectance
values on the surface." Larry Vance, CEO of Earth Search Sciences
stated, "We believe the combination of partners that this alliance
has, is right to fully exploit the oil shale market with a greater
utilization of our assets and intellectual property. The ability of
our hyperspectral technology to monitor precise environmental
impacts is an advantage in ensuring the oil shale processing is
clean and unobtrusive. Details will be released soon on the plant
location and information will be posted on a Petro Probe website,"
he added. See the Earth Search website: http://www.earthsearch.com/
This news release includes forward-looking statements that involve
a number of risks and uncertainties. The information reflects
numerous assumptions as to industry performance, general business
and economic conditions, regulatory and legal requirements, taxes
and other matters, many of which are beyond the control of the
company. Similarly, this information assumes certain future
business decisions that are subject to change. There can be no
assurance that the results predicted here will be realized. Actual
results may vary from those represented, and those variations may
be material.
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