Strata Power Corp Enters into Exclusive Agreement with Petrosteam
CALGARY, AB / ACCESSWIRE / May 6, 2019 / Strata Power Corp (“Strata”) (SPOWF) has entered into an exclusive agreement with Petrosteam LLC (“Petrosteam”) for an exclusive license to deploy patented and field tested proprietary technologies utilizing steam generation applied to bitumen and heavy oil recovery (the “Petrosteam Technology”) in the Provinces of Alberta and Saskatchewan (collectively the “Territory”). Under the exclusive license, Strata has the exclusive right to use the Petrosteam Technology to produce within the Territory from its own properties and from those of others.
Petrosteam is the exclusive owner of the patented Petrosteam Technology on a global basis. The Petrosteam Technology utilizes an oil steam generation system (patented), the High Temperature Mixed Gas Generator (HTMG), utilizing patented Immersed Combustion Technology (ICT) to minimize emissions and waste heat as no combustion gases are released to the atmosphere. Produced gases are injected into the formation along with the steam providing additional energy to the reservoir.
The Petrosteam Technology results in greater than 99% thermal transfer energy efficiency and also greater than 99% combustion efficiency and is virtually zero emission. The Petrosteam Technology also has a substantially smaller surface footprint than conventional steam generation technologies; and is highly mobile. The Petrosteam Technology also includes a proprietary Cyclic Steam Stimulation computer model, which generates expected production increases from target reservoirs using available parameters such as pay thickness, porosity, permeability and crude API.
The Petrosteam Technology is patented and has been field tested.
About Strata Power Corp
Strata is focused on the development of clean technologies as applied to bitumen. Our mission is to develop alternatives which maximize bitumen’s economic value, yet minimize its environmental impact.
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This announcement contains forward-looking statements which involve risks and uncertainties that include, among others, limited operating history, risks related to petroleum exploration, limited access to operating capital, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. More information is included in Strata’s filings with the Securities and Exchange Commission which may be accessed through the SEC’s web site at www.sec.gov and with the Canadian Securities Administrators at www.sedar.com
SOURCE: Strata Power Corp