General Synfuels to Test Oil Shale Technology in Wyoming and Colorado
April 27 2009 - 7:00AM
PR Newswire (US)
Company predicts breakthrough technology will drastically cut oil
shale recovery costs and minimize environmental impacts BOSTON,
April 27 /PRNewswire/ -- General Synfuels International (GSI) - a
wholly-owned subsidiary of Earth Search Sciences, Inc., (OTC: ESSE)
(BULLETIN BOARD: ESSE) - today announced the company has secured an
exploration agreement for lands in Wyoming and rights to a separate
oil shale resource opportunity in Colorado. Collectively, the
agreements will allow the company to test and develop the company's
patented technology to recover hydrocarbons from oil shale, oil
sands and heavy oil using its patented process that prioritizes
environmental sensitivity. The exploration agreement with a
subsidiary of Anadarko Petroleum Corporation in Wyoming covers
approximately 160 acres near Rock Springs on a Union Pacific
Railroad section upon which GSI plans to carry out its
proof-of-concept test under stringent environmental guidelines. The
Colorado opportunity provides GSI access to approximately 500 acres
of private, oil-shale-rich land in the Piceance Basin, with the
potential - based upon core analysis and geologic data - to recover
approximately 700 million barrels of oil, or oil equivalents, in
the near term. GSI believes results should be known within the next
24 months. The company is also evaluating an additional 2,500 acres
of oil shale mineral rights in the same area of Colorado and is in
the process of investigating how many barrels of oil are in place.
"With oil prices at the levels we see today - between $40 and $50
per barrel - our expected production costs will be highly
competitive and should result in substantial returns to our
investors and shareholders, and result in a economically-viable
source of domestic oil," said Luis Lugo, CEO of Earth Search
Sciences, Inc. "This agreement gives GSI access to oil shale-rich
land for our proof-of-concept development," said Lugo. "The
property is optimal for an R&D project because of its proximity
to existing infrastructure, transportation and access to a
highly-qualified workforce." The breakthrough technology - an
environmentally low-impact and energy-self-sustainable gasification
process - has the potential to drastically reduce production costs
for oil production compared to conventional development methods and
to greatly decrease the nation's dependency on foreign oil. "The
agreements enable us to move forward with a proof-of-concept
prototype for our in-situ gasification technology and deliver a
strong capital impetus for our commercial development phase," said
Larry Vance, Chairman of Earth Search Sciences. "We anticipate our
gasification process to yield positive results - environmentally
and commercially - in a matter of months." About General Synfuels
International, Inc. General Synfuels - a wholly-owned subsidiary of
Earth Search Sciences, Inc. - is dedicated to delivering a green
transformation to fossil fuels development. The company has
developed a patented, environmentally-friendly, energy
self-sustainable and economically-viable process to recover oil and
gas products from oil shale, oil sands and heavy oil. The in situ
gasification technology has the potential to reduce reliance on oil
imports to the U.S. by responsibly tapping into the abundant
domestic energy resources of the United States, and is anticipated
to position the company as a significant player in the heavy oils
industries around the globe. About Earth Search Sciences -
http://www.earthsearch.com/ Earth Search Sciences, Inc.,
[OTCBB:ESSE] is a technology company focused on hyperspectral
imaging and the zero-footprint, zero-product-loss development of
domestic, inland oil resources. The company's patented
hyperspectral technology provides the ability to accurately read
the chemical properties of surface substances from great altitudes.
The technology produces easily interpreted maps to identify
specific minerals and substances on the surface of the earth by
their diagnostic reflectance patterns quickly and economically. At
the same time, the technology delivers baselining and monitoring of
the environmental situation and improves the probability of early
detection of anomalies. The application of Earth Search's patented
and IP-protected hyperspectral technology cuts across the
commercial, environmental, medical and military spectra. 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. DATASOURCE: General Synfuels International, Inc. CONTACT:
Luis F. Lugo, +1-781-239-8222, ; or George Medici, +1-646-295-8218,
Web Site: http://www.earthsearch.com/ http://www.peyron.com/
Copyright