Toronto: 17 November 2011 — Phoenix Canada Oil Company Limited, (TSXV: PCO & OTC BB: PHXCF), and its U.S. subsidiary, Phoenix International Energy Inc., have closed a confidentiality agreement with SABIC IP, the North American petrochemical unit of Saudi Basic Industries Corp. of Riyadh, Saudi Arabia. The accord covers the evaluation of the Company developed, proprietary, scalable, reactor unit employed for the photo-chemical generation of hydrogen gas. Also covered is the production system for “Synfuel,” a proprietary Phoenix process for generating the full range of conventional liquid transportation fuels by compounding hydrogen with captured carbon dioxide emissions, both from a diversity of sources.
Don Moore, Phoenix CEO, comments that “Today’s world oil markets reflect accelerating consumption now nearing 90-million barrels daily, a hard number that says that each billion barrel discovery now covers only about 11 days of current world oil demand. With billion barrel discoveries a rare and costly success, hydrogen, with Synfuel, can replace conventional fossil fuel energies and may well be essential for the survival of our civilization, as we now know it. As for shale-sourced 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 U.S. and international patent filings on its proprietary “Synfuel” technology covering 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 will be upgraded by 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 also 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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