The Phoenix Canada Oil Co. Role in the "Hydrogen Economy"
November 28 2007 - 8:00AM
PR Newswire (US)
TORONTO, Nov. 28 /PRNewswire-FirstCall/ -- Phoenix Canada Oil
Company (TSXV: PCO & OTC BB: PHXCF) - About three months ago,
Management opined on the inevitability of $100 oil. As of today,
$100 oil is close-and-almost -- not more than a day's trading below
the breakthrough !! With the world's oil consumption now over
85-million barrels per day -- and with the realistic expectation
for 2030 demand exceeding 115-million barrels per day -- the
"doomsday Peak Oil" scenario is considerably closer to its climax.
The recent headlines on Brazil's "exciting" once-in-a-decade 5 to
8-billion barrel offshore oil discovery generated major financial
market excitement (by way of a 26% price increase for Petrobas's
NYSE-traded shares). What the press did not address was, firstly,
the fact that the discovery well cost over $250-million -- and
secondly, that at the world's current oil consumption, a 5-billion
barrel reserve is depleted in only 59 days !! And as an 8-billion
barrel find -- the aggregate new reserves would be depleted in only
94 days !! Put another way -- at the world's current oil
consumption rate, the reserves found in this truly major and
newsworthy oil discovery would be depleted in about 3-months
(assuming that the new field reserves are at the top end of current
estimates !!). The financial and commodity markets are also turning
a blind eye to the fact that the world's current oil finding rate
-- increasingly difficult and costly in any event -- currently
comprises only about 50% of current world oil consumption !! In our
world of inexorably rising oil consumption (think "China" and
"India"), the industry must also contend with the recurrent supply
uncertainties deriving from natural disasters and the many notably
unstable political regimes involved. Is there a more compelling
argument for the inevitable "Hydrogen Economy?" Understandably --
the universe of "alternative" energies (solar, wind, ethanol,
biofuels, et al) are now being widely promoted. But without a known
exception, all remain dependent upon direct and indirect Government
subsidies in varying forms. A long list of valid and other reasons
support subsidies for "alternative" energy sources -- despite
hydrogen being increasingly understood and accepted as the obvious,
and only, REPLACEMENT energy resource. The front-and-center issue
is that the industrialized world must soon embrace the "Hydrogen
Economy" simply as a matter of survival -- as the world's oil and
gas resources approach depletion. Other energy fuels, as coal and
nuclear, are inevitably either environmentally degrading -- or in
the case of nuclear, generate dangerous waste products incurring
increasing disposal costs. The "Hydrogen Economy" will eliminate
the rapidly rising environmental costs of carbon dioxide, nitrous
oxide (NOX) and sulphurous oxide (SOX) emissions (greenhouse gases)
and the resulting global warming. The longer term costs of
maintaining environmental stability cannot be ignored. By
generating "clean" energy, with benign environmental impact, the
"Hydrogen Economy" will provide the only longer term, economic
pristine alternative (more correctly -- the REPLACEMENT
alternative). Depletion and pollution concerns will be
substantially eliminated in the "Hydrogen Economy" because our
planet's hydrogen reserves are virtually inexhaustible -- and its
combustion products, exclusively heat and water vapour, are
environmentally pristine. A reminder here that our Sun's energy is
fuelled by burning hydrogen !! It is increasingly evident and
accepted that the inevitable "Hydrogen Economy" will have a
dramatic economic impact on the world as we know it -- and
certainly on the many major players in the massive global energy
industry universe. About the Phoenix Position in Hydrogen
Generation: Phoenix intends to maintain a leading role in the
future "Hydrogen Economy" -- capitalizing on the primary
development milestone we reached with the October 2006 grant of
U.S. Patent 7,122,171 covering the innovative, proprietary hydrogen
gas generation technology on which Phoenix holds long term,
worldwide exclusivity rights through its U.S. subsidiary -- Phoenix
International Energy Inc. Additional international patent filings
have been completed under the rules of the International Patent
Cooperation Treaty in Canada, the European Union, Australia and
India; other national coverages are under review. The Phoenix
position is secured through the comprehensive Technology License
Agreement with the major U.S. research university under which the
intellectual property rights are maintained for a period of 20
years beyond the 17-year life of the last patent issued under
accord. Phoenix maintains that the newly issued U.S. Patent
establishes a strong measure of confidence that no "prior art" has
been disclosed in its patent application examination process that
may conflict with the basic, proprietary "foundation" technology
covering the solar light-powered generation of minimal cost pure
hydrogen fuel gas from an ordinary water feedstock. The benign
environmental credentials of hydrogen generation (from a water
feedstock) -- and its combustion products (only heat and water
vapour) -- will ensure the survival of a more pristine planet
Earth. DATASOURCE: Phoenix Canada Oil Company Limited CONTACT: S.
Donald Moore, President, T. (416) 368-4440, E.
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