Rival Technologies Inc. provided shareholders with an update of recent activities as we move towards commercial development of the TRU 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 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 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 process operating cost per barrel. It also adds a significant increase to the net value per barrel of TRULITE 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.
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