EnviroXtract has executed a Memorandum of Understanding with Extractive Technologies to acquire a license for Canadian oil sands extraction and upgrading. Concurrent with this acquisition, the Company is also developing a plan to become a fully-reporting company and return to the OTCBB.
Extractive Technologies specializes in proprietary 'green' energy solutions. Its oil technology applications utilize a unique coupling of electromagnetic energy and electro-static energy in a vacuum environment. An energy field intensely excites the oil feedstock at the molecular level, releasing any chemical bonds and breaking down molecular compounds to their elemental state. In short, the technology is capable of efficiently extracting bitumen from oil sands while simultaneously performing upgrading, hydro-treating, and partial refining of the bitumen product. The company is not aware of any other technology capable of achieving similar results.
Oil sands reserves have recently been considered to be part of the world's oil reserves, as higher oil prices and new technology enable them to be profitably extracted and upgraded to usable products. These oil sands may represent as much as two-thirds of the world's total petroleum resource, with at least 1.7 trillion barrels in the Canadian Athabasca Oil Sands.
Canada is the largest supplier of crude oil and refined products to the United States, supplying about 20% of total U.S. imports. Canada exports more oil and oil products to the U.S. than it consumes itself. In 2006, bitumen production averaged 1.25 million barrels per day through 81 oil sands projects, representing 47% of total Canadian petroleum production. This proportion is expected to increase as bitumen production grows while conventional oil production declines.
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