Petrostar's DHT2 to Be Tested by an Oil Sands Company
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VANCOUVER, BRITISH COLUMBIA, Sep 05 (MARKET WIRE) --
Petrostar Petroleum Corporation (TSX VENTURE: PEP)(FRANKFURT:
LMQ)("Petrostar") is pleased to announce that it has entered into a
short-term rental agreement with an oil sands company to test Petrostar's
Down Hole Tool (DHT2).
The Down Hole Tool (DHT) is a system and method for generating
underground heat, steam and pressure. Specifically, the present invention
relates to an electrical steam generation system that enables efficient
production of downhole heating and steam pr oduction without the typical
heat and pressure loss of traditional surface steam generation
equipment.
Should the parties agree the testing has been successful,
Petrostar will provide a quotation for the manufacture of a custom DHT
unit (DHT-4-Mark10-480V) that will address the specific needs of the oil
sands company. The facility will require a DHT operating at 200m and with
greater length heating rods and housing.
Petrostar has increased its Lloydminster facilities to double the current
size to be able to provide an assembly area for both the DHT units and
its ETH (Electric Tank Heater). The DHT2 has recently been under a
rigorous 60-day test at Petrostar's 15/6 well site with a 100% operating
performance. The program will be for a minimum of 30 days starting
September 1, 2008 and is expected not to exceed 3 months.
Petrostar plans on having its DHT3 prototype unit on display at the
Lloydminster, AB oil show, which begins on September 10, 2008. The DHT3
is the latest DHT model and incorporates all modifications and
improvements from field tests of the DHT1 & 2 models, as well as having a
5,000 foot capability. More information on the DHT is available on the
Company website at www.petrostarpetroleum.ca.
On behalf of the Board of Directors,
Safe Harbor Statement and Disclaimer:
This Press Release includes "forward-looking statements" within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Act of 1934. A statement identified by the words
"expects", "projects", "plans", and certain of the other foregoing
statements may be deemed forward-looking statements. Although Petrostar
Petroleum Corporation believes that the expectations reflected in such
forward-looking statements are reasonable, these statements involve risks
and uncertainties that may cause actual future activities and results to
be materially different from those suggested or described in this press
release. These include risks inherent in the development and production
of oil wells, including risks of fire, explosion, blowout, pipe failure,
casing collapse, unusual or unexpected formation pressures, environmental
hazards, and other operating and production risks inherent in oil
production activities, which may temporarily or permanently reduce
production or cause initial production or test results to not be
indicative of future well performance or delay the timing of sales or
completion of production operations; risks with respect to oil prices, a
material decline in which could cause the Company to delay or suspend
planned drilling operations or reduce production levels; and risks
relating to the availability of capital to fund drilling operations that
can be adversely affected by adverse drilling results, production
declines and declines in oil prices and other risk factors.
Contacts:
Petrostar Petroleum Corporation
604-662-3005, ext. 105
thorgauti@petrostarpetroleum.ca
www.petrostarpetroleum.ca
Copyright 2008, Market Wire, All rights reserved.
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