Toronto: 26 October 2011 — Phoenix Canada Oil Company Limited, (TSXV: PCO & OTC BB: PHXCF), and its U.S. subsidiary, Phoenix International Energy Inc., have entered into a non-disclosure agreement with SABIC IP, the North American petrochemical unit of Saudi Basic Industries Corp. of Riyadh, Saudi Arabia. The agreement covers the evaluation of the Phoenix-developed scalable reactor unit employed for the photo-chemical generation of hydrogen gas in conjunction with the planned development of “Synfuel,” a proprietary Phoenix system for generating conventional liquid transportation fuels by compounding hydrogen, from any source, with captured carbon dioxide emissions from a diversity of sources.
Don Moore, Phoenix CEO, comments that “Today’s world oil markets reflect accelerating consumption now exceeding 87-million barrels daily, a hard number that says that each billion barrel discovery now covers less than 12 days of current world oil demand. With billion barrel discoveries a rare and costly event, hydrogen’s and Synfuel’s replacement of conventional fossil fuel energies may well be essential for the survival of our civilization, as we now know it. And as for shale natural gas now pressuring energy market prices, the feasibility of longer term economic production from tight shale rock formations, with its inherently low porosity and permeability, suggests limited reserve potential from this alternative energy resource.”
Phoenix has filed for U.S. and international patents covering its proprietary “Synfuel” technology involving the innovative compounding of hydrogen gas with captured carbon emissions. Synfuel’s hydrogen and carbon components both derive from widely diverse sources. The Synfuel equivalent of liquid transportation fuels, ranging from light-end jet fuel and kerosene, to mid-range gasoline, and through heavy-end diesel oil products, can all employ long established distribution infrastructure. Synfuel can also play a central role in advancing economic Carbon Capture and Storage/Sequestration (CCS) methods that can be upgraded with the environmentally benign Phoenix Carbon Capture and Recycling (CCR) system. Including its position in the University of California’s Lawrence Berkeley Lab’s innovative hydrogen generation technology, Phoenix has expanded its planning for a leading role in the future “Hydrogen Economy” through control of proprietary systems covering the light-powered generation of low cost hydrogen gas from salt and impure water feedstocks.
For further information — Contact:
S. Donald Moore; President & CEO
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