Company predicts breakthrough technology will drastically cut oil shale recovery costs and minimize environmental impacts
The exploration agreement with a subsidiary of Anadarko Petroleum Corporation in
The
"With oil prices at the levels we see today - between
"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
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
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.
SOURCE General Synfuels International, Inc.