|By Business Wire
|November 27, 2012 03:01 AM EST
Inc. (OTC/BB: OOIL),
the developer of a breakthrough energy production process for harvesting
algae and cleaning up oil & gas water, announced today that its second
original equipment manufacturer’s (OEM) agreement will target oil
service companies in the Canadian oil sands market.
Privately-held investor group LH Opportunity Group plans to work with
Calgary-based specialty fabricator Ensteel
Industries to design an end to end system, featuring OriginOil’s
technology, for potential applications in the enhanced oil recovery and
tailing pond water treatment markets.
LH was an early private investor in Athabasca
Oil Corporation (TSX: ATH); while over its 40-year history, Ensteel
has completed projects for companies like Propak
Systems and Plains
Fabrication that supply industry leaders in the Canadian oil and gas
Bill Ross, President of LH Opportunity Group, stated, “We are very
excited to take the lead in the Canadian market with OriginOil’s
breakthrough technology, CLEAN-FRAC. Through Ensteel we believe we are
very well equipped to begin manufacturing CLEAN-FRAC units in the very
near term. We believe the opportunity in Canada is huge and our oil and
gas community of decision makers is small and tight.”
Under the terms of the OEM agreement, OriginOil has granted a
non-exclusive license to LH Opportunity Group to bundle OriginOil’s
high-speed and chemical-free CLEAN-FRAC technology with systems that LH
and Ensteel plan to develop. OriginOil will receive royalty payments
based on a percentage of system sales revenue.
“Major oil sands producers in the region are expected to commit hundreds
of millions of new dollars to water management and tailing pond
treatment over the next few years,” said Riggs
Eckelberry, OriginOil CEO. “Based on its track record, we have
concluded that LH is an aggressive early adopter that is expected to
quickly attack this new opportunity. We welcome LH and its partner
Ensteel to our growing family of OEMs.”
OriginOil’s CLEAN-FRAC™ process is based on the company’s Solids
Out of Solution™ technology that efficiently removes oils, suspended
solids, insoluble organics and bacteria from produced or ‘frac flowback’
water, on a continuous flow basis and without the use of chemicals.
According to the US
Bureau of Land Management, oil sand deposits are complex mixtures of
sand, clays, water and bitumen, a “heavy” or highly viscous oil. The Alberta
Geological Survey states that it takes from 2.5 to 4 barrels of
water to produce one barrel of bitumen, and reclamation of mining sites
must be done to a standard to at least the equivalent of their previous
A study previously issued by the University of Toronto and the
University of Alberta suggested that “the choke point for the province's
oil sands expansion may not be the huge carbon dioxide emissions arising
from mining and processing the sticky, bitumen containing tar sands, as
is widely assumed, but a lack of water.” (The Globe and Mail: Choke
point for oil sands may be water shortage.)
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About OriginOil, Inc. (www.originoil.com)
OriginOil has developed an energy production process for harvesting
algae and cleaning up oil & gas water. Operating at the first stage of
extraction, this high-speed and chemical-free process can be embedded in
other systems to improve performance. Originally invented to solve the
biggest problem in algae production, it is now finding demand in oil and
gas fracking and production water cleanup, an immediate and fast-growing
market that desperately needs clean technology solutions. To learn more
about OriginOil®, please visit our website at www.originoil.com.
Safe Harbor Statement:
Matters discussed in this update contain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995. When used in this update, the words "anticipate," "believe,"
"estimate," "may," "intend," "expect" and similar expressions identify
such forward-looking statements. Actual results, performance or
achievements could differ materially from those contemplated, expressed
or implied by the forward-looking statements contained herein. These
forward-looking statements are based largely on the expectations of the
Company and are subject to a number of risks and uncertainties. These
include, but are not limited to, risks and uncertainties associated with
our history of losses and our need to raise additional financing, the
acceptance of our products and technology in the marketplace, our
ability to demonstrate the commercial viability of our products and
technology and our need to increase the size of our organization.
Further information on the Company's risk factors is contained in the
Company's quarterly and annual reports as filed with the Securities and
Exchange Commission. The Company undertakes no obligation to revise or
update publicly any forward-looking statements for any reason.
OriginOil’s second licensing agreement targets Canadian oil sands
market; Alberta-based investor group to build and sell complete systems
to oil service companies working on oil and water recovery
originoil, originoil inc, ooil, origin oil, oil & gas technology, oil &
gas cleanup, frac water cleanup, solids out of solution, clean-frac,
algae appliance, Riggs Eckelberry, frac cleanup, hydraulic fracturing
cleanup, produced water cleanup, invest algae, invest oil & gas, new
oil, algae oil, renewable oil, algae biofuel, chemical free process
algae, algae commercialization, algae harvesting, renewable crude oil,
algae extraction, oil and gas extraction, LH Opportunity Group, Ensteel,
CLEAN-FRAC,Canadian Oil Sands
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