Wescorp reported that the company's highly targeted emerging and proven oil- and gas-field technology solutions are designed to slash operational costs and bring bottom line value for oil and gas field operations worldwide.
In the first quarter of 2007, Wescorp appointed Mark Norris, former Minister of Economic Development for the Alberta Provincial Government Cabinet, to the Board of Directors. Another highlight of the first quarter was the completion of a case study concluding that Flowstar Technologies Digital Chart Recorders strongly enhance coal bed methane gas production performance and substantially increase the economic value of each well.
In the second quarter, Wescorp completed $2,250,000 in financing for future expansion as well as retaining Brooks and Associates as Public Relations specialists to drive strategic branding and market awareness.
The third quarter saw the firm complete a $1,250,000 round of financing to assist continuing expansion and completed its merger with an engineering firm to expand operation solutions capabilities for oil and gas operators.
During the fourth quarter of 2007, Wescorp announced the introduction of a commercial Gas Management Solution to enhance field operations and reduce costs. This quarter also witnessed the completion of extensive modifications and reconstruction of the VISCOSITOR, a prototype designed to upgrade heavy oil. The VISCOSITOR was moved to a government-operated research and testing facility in Saskatchewan, Canada in preparation for commissioning and testing. During this same period, the firm unveiled a comprehensive operations and maintenance (O&M) Oil Field Management Solution, a field engineering and process management system designed for both conventional and unconventional oil operations. Most recently, Wescorp launched its radio frequency identification (RFID), Intelligent Field Resource Management (IFRM) Solution used to locate and track industrial and oil field equipment. In addition to the RFID launch, Wescorp completed its purchase of a commercially proven water remediation and purification technology and a bio-degradable chemical-based technology to clean contaminated soil.
"We are targeting 2008 as the year of execution for our company," announced Doug Biles, President and CEO of Wescorp Energy. "During the final four months of 2007, Wescorp shifted into high gear. The company developed and unveiled three cost-cutting solutions for oil and gas operators, with several installations and tests, currently underway. The newly reconstructed and modified VISCOSITOR was moved to commence the rigorous heavy oil testing. In addition to reconstructing the VISCOSITOR, Wescorp purchased 3 proven water remediation and purification technologies that will be marketed under a wholly-owned subsidiary called Total Fluids Solution Inc. These solutions overcome a full range of environmental operational challenges including contaminated solids remediation and oil/water separation."
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