Prospera Energy Inc. (“Prospera” or the “Company”) (TSX.V: PEI,
OTC: GXRFF, FRA: OF6B, OF6B.SG, OF6B.F, OF6B.BE) is pleased to
provide an update on progress made on the Pilot Project for Partial
Upgrading of Bitumen, in collaboration with Aduro Clean
Technologies Inc. (“Aduro”).
Restructured Prospera continues to increase its
asset value by executing its development program to capture the
significant remaining reserves. While, engaging in innovative ESG
methods to diversify product mix and to improve profit margin, such
as Aduro collaboration.
In parallel to PEI development program
execution, Aduro and Prospera are proceeding with Phase 1 of the
Aduro experiment, with completion targeted for December 2023. This
five-month initiative centers on the testing and evaluation of
Hydrochemolytic Bitumen Upgrading (HBU) technology, applied to
Prospera's specific 6 barrels of low API crude oil obtained from
its heavy oil reserves.
On September 12, 2022, Prospera and Aduro signed
a Letter of Intent (LOI) for a three-phase project to investigate,
develop, and pilot the partial upgrading of bitumen using Aduro's
Hydrochemolytic™ Bitumen Upgrading (HBU) technology. Phase 1
involves lab and continuous flow work with Prospera's bitumen and
Aduro's HBU technology. Phase 2 covers preliminary engineering,
site identification, permits, budgeting, and construction
agreement. Phase 3 includes procurement, fabrication, construction,
commissioning, and operation of a 50 bbl./day pilot plant. Aduro
plans to commission the pilot-scale continuous flow reactor in Q3
2023, advancing Phase 1 of the collaboration.
During this collaboration, Aduro will carry out
a series of experimental designs using their laboratory facilities,
including the continuous flow Bitumen Reactor known as "R2
Bitumen," and a Flash Drum. The purpose of these experiments is to
explore the application of HBU technology to various feedstocks
provided by Prospera.
The experiments will conclude with Aduro
delivering a comprehensive report, detailing the improvements in
the quality of the oil samples, the final proportions of the
samples tested, and the specific flow parameters that led to these
quality enhancements. These insights are intended to pave the way
for future advancements in bitumen upgrading technology, a vital
aspect of the petroleum industry. As Phase 1 concludes, a
comprehensive summary of results and expert recommendations will
provide a solid foundation for subsequent phases, setting the stage
for further progress and success.
"Prospera Energy is motivated to embark on Phase
1 of our collaboration with Aduro," stated Samuel David, President
& CEO of Prospera. "As Prospera is dedicated to optimizing
hydrocarbon recovery while prioritizing environmental
sustainability, Prospera believes that this partnership will drive
innovation and enhance our product specifications, unit economics,
and carbon footprint."
"The initiation of Phase 1 of the collaboration
with Prospera for the pilot plant project of our Hydrochemolytic™
Bitumen Upgrading technology marks a significant milestone,"
commented Ofer Vicus, CEO of Aduro. "The progress we have made in
constructing our R2 Bitumen continuous flow reactor, coupled with
the launch of the commissioning process, positions us for success.
By achieving full operational status in Q3 2024, we solidify our
position as a leading destination for partners seeking to
understand how the HCT partial upgrading can enhance their
operations, while fostering meaningful connections with potential
customers and stakeholders. This collaboration propels us closer to
commercializing our innovative solution and driving a
transformative era in the energy industry."
About Prospera Energy Inc.
Prospera Energy Inc. (TSX.V: PEI, OTC: GXRFF,
FRA: OF6B) is a publicly traded Western Canada's energy company,
specializing in the exploration, development, and production of
crude oil and natural gas. Prospera Energy Inc. has announced a
mid-August spud of PEI’s phase 2 restructured development program
intended to increase production. The Phase 2 development entails
the drilling of 10 horizontal wells in heavy oil and 8 slanted
wells in medium-light oil to accelerate growth and capture the
significant remaining reserves (400 million bbls). These horizontal
laterals and slanted wells will allow PEI to increase production by
approximately 1,000bpd with recovery of approximately 100Mstb per
well. PEI will reduce its environmental and surface footprint by
eliminating the numerous vertical well leases along the lateral
path.
About Aduro Clean Technologies
Inc.
Aduro Clean Technologies Inc. (CSE: ACT, OTCQB:
ACTHF, FSE: 9D50) is a developer of patented water-based
technologies to chemically recycle waste plastics; convert heavy
crude and bitumen into lighter, more valuable oil; and transform
renewable oils into higher-value fuels or renewable chemicals. The
Company’s Hydrochemolytic™ technology relies on water as a critical
agent in a chemistry platform that operates at relatively low
temperatures and cost, a game-changing approach that converts
low-value feedstocks into resources for the 21st century.
For further information, please
contact:
Shawn Mehler, PR
shawn@prosperaenergy.comwww.prosperaenergy.com
Abe Dyck, Investor
Relationsir@adurocleantech.com+1 604 362 7011
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking
statements relating to the future operations of the Corporation and
other statements that are not historical facts. Forward-looking
statements are often identified by terms such as “will,” “may,”
“should,” “anticipate,” “expects” and similar expressions. All
statements other than statements of historical fact included in
this release, including, without limitation, statements regarding
future plans and objectives of the Corporation, are forward-looking
statements that involve risks and uncertainties. There can be no
assurance that such statements will prove to be accurate and actual
results and future events could differ materially from those
anticipated in such statements.
Although Prospera believes that the expectations
and assumptions on which the forward-looking statements are based
are reasonable, undue reliance should not be placed on the
forward-looking statements because Prospera can give no assurance
that they will prove to be correct. Since forward-looking
statements address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Actual
results could differ materially from those currently anticipated
due to a number of factors and risks. These include, but are not
limited to, risks associated with the oil and gas industry in
general (e.g., operational risks in development, exploration and
production; delays or changes in plans with respect to exploration
or development projects or capital expenditures; the uncertainty of
reserve estimates; the uncertainty of estimates and projections
relating to production, costs and expenses, and health, safety and
environmental risks), commodity price and exchange rate
fluctuations and uncertainties resulting from potential delays or
changes in plans with respect to exploration or development
projects or capital expenditures.
The reader is cautioned that assumptions used in
the preparation of any forward-looking information may prove to be
incorrect. Events or circumstances may cause actual results to
differ materially from those predicted, as a result of numerous
known and unknown risks, uncertainties, and other factors, many of
which are beyond the control of Prospera. As a result, Prospera
cannot guarantee that any forward-looking statement will
materialize, and the reader is cautioned not to place undue
reliance on any forward-looking information. Such information,
although considered reasonable by management at the time of
preparation, may prove to be incorrect and actual results may
differ materially from those anticipated. Forward-looking
statements contained in this news release are expressly qualified
by this cautionary statement. The forward-looking statements
contained in this news release are made as of the date of this news
release, and Prospera does not undertake any obligation to update
publicly or to revise any of the included forward-looking
statements, whether as a result of new information, future events
or otherwise, except as expressly required by Canadian securities
law.
Neither the TSXV nor its Regulation
Services Provider (as that term is defined in the policies of the
TSXV) accepts responsibility for the adequacy or accuracy of this
release.
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