Rival Technologies Inc.-Reports on World Heavy Oil Congress
March 26 2008 - 9:00AM
Marketwired
LAS VEGAS, NEVADA is pleased to provide shareholders with an
update of recent activities as we move towards commercial
development of the TRU(TM) process.
On March 12, 2008 we presented our first technical paper at the
World Heavy Oil Congress in Edmonton, Alberta, Canada to an
industry audience made up of senior executives from leading oil
companies worldwide. "Our presentation was well attended and has
created additional interest from the oil sands and heavy oil
industry. This was an important step in our business development
plan for the TRU(TM) process," said Doug Thomas, President of
Rival.
Rival also reports the filing of an additional provisional
patent on March 10th, 2008. "This provisional application further
supports the TRU(TM) process and chemistry discoveries made during
the most recent process test runs, resulting in additive recovery
improvements from 86 to 100 percent," stated Klaus Oehr, Director
of Research and Development for TRU Oiltech.
A direct result of this improved recovery is a net reduction of
44 percent in the TRU(TM) process operating cost per barrel. It
also adds a significant increase to the net value per barrel of
TRULITE(TM) when compared to diluted bitumens such as dilbit and
synbit.
Worldwide, oil sand and heavy oil resources are massive. The
average reserve of each SAGD (Steam Assisted Gravity Drained)
project is 3 billion barrels of oil. In Canada alone producers have
a total reserve of 1.3 trillion barrels of heavy oil that will be
developed over the next 40 years. These producers represent the
prime market for TRU technology.
Rival Technologies Inc. is an innovative energy related
technology company, investing in emerging technologies with
extraordinary market potential. Rival has filed several provisional
patents and patent applications and is now focused on licensing its
technology for industry use.
Douglas Thomas, President & CEO
Rival Technologies Inc.
Certain statements in this press release constitute "forward
looking statements" within the meaning of the United States
Securities Legislation. The Company's actual results could differ
from those in the forward-looking statements. Do not construe this
information as investment advice. This is not a solicitation to buy
or sell securities. This does not purport to be a complete analysis
of the Company. Investing in securities is speculative and carries
a high degree of risk. Past performance does not guarantee future
results. Readers should consult their own independent advisers with
any investment, including any contemplated investment. All
information contained in this press release should be independently
investigated. This press release contains forward-looking
statements. These remarks involve risks and uncertainties. Risks
are not limited to quarterly fluctuations in results or the
companies' management of growth and competition. Other risks are
detailed in the Company's SEC filings. Actual results may differ
materially from such information set forth herein.
Contacts: Rival Technologies Inc. Investor Relations
1-866-601-1340 Email: ir@rvti.com Website: www.rvti.com
Rival Technologies (PK) (USOTC:RVTI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Rival Technologies (PK) (USOTC:RVTI)
Historical Stock Chart
From Jul 2023 to Jul 2024