Government of Canada Investment Solidifies Enhance Energy and Fairborne Energy Ltd....
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Government of Canada Investment Solidifies Enhance Energy and Fairborne Energy
Ltd. Project
Enhance Energy to Receive Funding for Carbon Capture and Storage and
Enhanced Oil Recovery
CALGARY, March 30 /PRNewswire-FirstCall/ - Enhance Energy Inc. ("Enhance") is
pleased to announce its selection by the Government of Canada to receive
funding through the ecoEnergy Technology Initiative. Enhance's proposal was
chosen along with seven other companies pledging to develop clean energy
technologies.
"We are honoured by the Government of Canada's recognition of our project,"
said Susan Cole, President of Enhance Energy Inc. "The proposed Enhance CO(2)
pipeline system has the capacity to be the largest carbon capture and storage
("CCS") project in the world. CCS initiatives both federally and provincially
will solidify Canada's position as a global leader when it comes to clean
energy technologies."
Each of the selected projects will receive an investment between $3 million
and $30 million, up to a combined total of $140 million. The funding Enhance
will receive will be used for engineering and design of its CCS and enhanced
oil recovery project. Enhance and Fairborne Energy Ltd. have an agreement to
develop and implement a CO(2) enhanced oil recovery project at the Clive oil
field in the Leduc and Nisku reservoirs.
"The Canadian Government's funding will help to ensure the timely development
of our world-scale enhanced oil recovery project," said Steven VanSickle,
President and CEO of Fairborne Energy Ltd.
Enhance Energy is in the process of completing its submission for the
Government of Alberta's Carbon Capture and Storage Program. The deadline is
March 31, 2009.
About Enhance Energy Inc.
Enhance Energy Inc. is a private Alberta-based company that specializes in EOR
involving the permanent secure storage of CO(2). Enhance Energy uses CO(2) to
recover oil that would otherwise remain in the reservoir. Enhance has filed an
application to construct a CO(2) pipeline system that will be capable of
gathering CO(2) from several sources in Alberta's Industrial Heartland and
transporting the CO(2) to existing mature oil fields throughout South-Central
Alberta. To learn more please visit www.enhanceenergy.com.
About Fairborne Energy Ltd.
Fairborne is a crude oil and natural gas exploration, development and
production company headquartered in Calgary, Alberta, Canada. Fairborne's
shares trade on the Toronto Stock Exchange under the symbol "FEL".
SOURCE Enhance Energy Inc.
Media Contact: Hilary Faktor, Brookline Public Relations for Enhance Energy
Inc., P: (403) 538-5641 ext. 107, C: (403) 969-6983, E:
hfaktor@brooklinepr.com; Steven R. VanSickle, President & Chief Executive
Officer, Fairborne Energy Ltd., P: (403) 290-7759, F: (403) 290-7724, E:
svansickle@fairborne-energy.com
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