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Thu, February 26, 2009Wed, February 25, 2009Tue, February 24, 2009Mon, February 23, 2009Fri, February 20, 2009Thu, February 19, 2009Wed, February 18, 2009Tue, February 17, 2009Mon, February 16, 2009Fri, February 13, 2009Thu, February 12, 2009Wed, February 11, 2009Tue, February 10, 2009Mon, February 9, 2009Fri, February 6, 2009Thu, February 5, 2009Wed, February 4, 2009Tue, February 3, 2009Mon, February 2, 2009Fri, January 30, 2009Thu, January 29, 2009Wed, January 28, 2009Tue, January 27, 2009Mon, January 26, 2009Petrostar Petroleum Corporation: Petrostar Petroleum Corporation: DHT 3 Surface Testing Completed Sub-Surface Stimulation Testi
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Published in House and Home on Wednesday, February 11th 2009 at 4:33 GMT, Last Modified on 2009-02-11 04:35:06 by Market WireVANCOUVER, BRITISH-COLUMBIA--(Marketwire - Feb. 11, 2009) -
Petrostar Petroleum Corporation (TSX VENTURE:PEP)(FRANKFURT:LMQ) ("Petrostar") is pleased to provide the following activity update:
The DHT3 and delivery system has now completed surface testing and is now being deployed for a sub-surface test at the 16A/6 well site at Petrostar's Maidstone Project located in Maidstone, SK. This latest DHT model incorporates all modifications and improvements from field tests of the DHT1&2 models as well as having a 5,000 foot capability. This unit is expected to influence offsetting wells 1A16HZ/6 situated approximately 150 meters away from the 16A/6, as well as the 9/6, 10/6 and D16HZ/6 locations, which are 200 meters away. Because this well is located high on the field, substantial influence and production enhancement is anticipated from the aforementioned well locations, which are just as high or lower in the reservoir formation. The well data will be available from a real-time wireless monitoring system that provides temperature, gas production and system performance, as well as shut down alarms. This data will provide further backup to data received previously from tests at wells 9/6 and 15/6, which was the lowest of the formation.
DHT Technology
The Down Hole Tool (DHT) is a system and method for generating controlled underground heat/steam and pressure. Specifically, the present invention relates to an electrical steam/heat generation system that enables efficient production of down-hole heating and steam production without the typical heat and pressure loss of traditional surface steam generation equipment.
As previously announced in September 2008 the Company entered into a rental agreement with Oilsands Quest Inc. whereby Oilsands would test Petrostar's DHT (Down Hole Tool-DHT2) at their Northern Axe Lake, SK facility. During the initial DHT testing period, Oilsands has paid a monthly rental charge of $10,000.00 plus GST. The agreement was extended to March 2009 from the original September agreement. During initial testing, Petrostar completed and provided Oilsands with a new DHT configuration (DHT2C) that will address the specific needs of the oil sands company. The facility requires a DHT operating at 200 meters and with greater length heating rods and housing. At this time the parties are in discussion for Petrostar to provide an additional DHT unit, which Petrostar will assemble at its expanded Lloydminster facility. Oilsands Quest has discussed acquiring an additional DHT2C unit for their Axe Lake facility predicated on the success of their DHT program.
The Company continues to receive inquiries into its technologies and it is primed to make these technologies a commercial success. More information on the DHT and ETH is available on the Company website at [ www.petrostarpetroleum.ca ].
On behalf of the Board of Directors,
Robert A. Sim, President and Director
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.
