Hi, hier ein kurzer Auszug aus den Quartalsergebnissen.
Current Activity
It is expected that with deployment of the next generation DHT these results may be exceeded as the
DHT will operate at temperatures of up to 225 º C or higher and as a additional benefit the DHT may be
deployed and remain down hole without a production interruption making the economics of acquiring and
operating the DHT very attractive. The next generation will also be capable of deployment without the
need of coil tubing pigging and a coil tubing service unit reducing deployment costs and making the DHT
even more economic with lower initial costs and higher end revenues. The Company is awaiting delivery
of the next generation DHT and expects to be able to announce a schedule of ongoing tests on its lease
or with other parties. The Company will also incorporate a new hydraulic delivery system for the DHT,
which will eliminate the need for other service equipment and reduce deployment costs significantly. At
this time the Company has initiated testing at its Maidstone facility with its DHT-2B prototype that has
been operational at well 15/6 since July. The tool is working satisfactory and the current testing that is
underway is to evaluate a long-term medium heat {120º C- 140º C} on the reservoir and evaluate the
results. It is thought that the sustained longer term heating of the reservoir will produce greater enhanced
recovery and production. The test is ongoing and results are being monitored daily. Further information
on this testing will be available in the near future.
ETH Tool
On June 11, 2008 it installed its first ETH (Electric Tank Heater) and control panel which has been
operating flawlessly with 100% efficiency. The unit is capable of replacing current burner tube tank
heating devices and has a zero CO² emission signature as well as reducing operating costs by using
power generated from top drive motors and eliminating the fuel requirements of the burner units. The ETH
unit has been delivering between 29,000-14,000 BTU/hr to heat the oil and treat/clean it before shipping.
The ETH technology is currently CSA compliant for field replacement and will be fully CSA approved for
installation at the manufacturing and construction stage with production and sales tank suppliers in the
near future.
Currently the Company will show case the system to prospective clients and users and expects to
announce initial sales of the units shortly.
The Company will also produce a dual ETH control panel, which will allow 2 units to be run in tandem and
incorporate a power phase control that supplies power on a rotating basis to the heating unit. This
provides a better distribution of heat to the tank and circulation of the emulsions stored within them. An
additional order for 6 new units is currently in progress with more to be placed shortly. The Company is
also planning to expand its Lloydminster, AB base to accommodate future construction and assembly of
the ETH units under its own management.
The Company is also measuring and monitoring the reduction of CO² that occurs on tank units that are
currently using the burner tube equipment to maintain production and sales tank heating.
The burner tube systems using propane or natural gas fuels produce quantities of CO² in the range of
14kg-25 kg/day into the atmosphere whereas the ETH produces zero. This amount of CO² per tank times
the many thousands of tanks operating produces a staggering amount of CO² emissions yearly. This may
be the most important factor in making this system a valuable commercial product as regulatory agencies
impose pending penalties for those who do not reduce their emissions.
Future Plans
The Company has received delivery of its new ETH (electric tank heater), which has been installed on
production facilities located on well site 10/6 and testing commenced as mentioned above. Once initial
testing is complete the ETH will be moved to well location 12/6 where the Company had SaskEnergy run
electric power to the location for a continuous power supply. With the installation of the power to this
location the current drive motor system will be changed from being powered by natural gas to a electric
drive motor and generator system. The result should be lower operating costs and more important the
new ETH system will eliminate the CO2 emissions that are currently generated by the burner tube system.
At this time the certification process with CSA is underway and it is hoped will be completed in the near
future to enable the Company to proceed with plans for future development and commercialization of this
product at the manufacturing level. The current focus and perhaps the biggest market will be on the
burner replacement level. More important developments are expected shortly.
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1.5 Summary of Quarterly Results (Unaudited)
Selected financial information for the eight most recently completed fiscal quarters is as follows:
3 Months ended June ‘08 Mar. ‘08 Dec. ‘07 ...
Total Revenue $ 676,402 $ 393,827 $ 211,503 ...
Profit (Loss)
before
extraordinary
items ($ 128,199)($ 126,761)($ 604,490) ...
Profit (Loss)
per share,
basic and
diluted ($ 0.00) ($ 0.00) ($ 0.04) ...
Net Profit
(Loss) per
share, basic
and diluted ($ 128,199)($ 126,761) ($604,490) ...
Net Profit
(Loss) per
share, basic
and diluted ($ 0.00) ($ 0.00) ($ 0.04) ...
The Company reports gross oil & gas revenue of $1,070,229 less royalties, depletion and production
expenses of $ 793,900 for the period ended June 30, 2008, or a net income of oil and gas operations of
$276,329. The Company expended considerable funds in this period to re-enter and re-complete several
wells with a coil tubing production system, which should result in production increases and operating
expenses decreases. In addition, there were a number of leasehold improvements and major repairs to
existing equipment. Upgrading to meet increased SIR regulations for containment, well set-back and
other requirements also added to additional costs.
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