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Category: Investment, Water
Water Stocks News - Wescorp Energy and Cancen Oil Canada Working To Undertake New Project
CALGARY - December 16, 2009 - Cancen Oil Canada Corporation, has entered into a non-binding Memorandum Of Understanding with Poly-Pacific International Inc. by which the parties express their mutual intent to enter into a formal agreement for Cancen to provide the technical and mechanical services to perform site restoration, including soil remediation, of an estimated 1800 abandoned wells.
Wescorp Energy Inc. (OTCBB: WSCE) and Cancen Oil Canada Corporation have agreed to work together to remediate the abandoned well sites in Alberta, Canada subject to Cancen and Poly-Pacific entering into a formal agreement. Cancen would be responsible for operating and managing and funding the operations, including the construction and deployment costs of all H2O Maxx and HCXT remediation units. The remediation project would deal with soil either contaminated with salt, hydrocarbons or both.. Revenue from each unit would be shared between Wescorp and Cancen. Upon initial operation of the remediation units, the revenue would be split 25:75 (Wescorp: Cancen) until 110% of the construction costs are repaid to Cancen. Thereafter, the revenue would be shared on a 50:50 basis.
The abandoned wells are located on land owned by three First Nations Bands, and are subject to a Joint Venture Agreement between Poly-Pacific International Inc. and CREEnergy Oil & Gas Inc. Under the terms of this Joint Venture Agreement, any formal agreement between Cancen and Poly-Pacific would have to approved by both CREEnergy and Poly-Pacific.
"We are pleased that Wescorp has the ability to design and construct transportable remediation units, scaled to offer different capacities of hydrocarbon throughput, which we believe would enhance the profitability of any site-specific work," commented Keith Talbot, CEO and President of Cancen Oil Canada.
"The combination of Wescorp's remediation technologies and Cancen's ability to identify new remediation business in western Canada is proving to be very valuable for each company," commented Doug Biles, CEO and President of Wescorp Energy. "We look forward to the possibility of working with Cancen to solve this client's reclamation and restoration issues."
About Wescorp
Wescorp Energy Inc. (www.wescorpenergy.com) is an oil and gas operations solutions company focused on commercializing technologies that overcome tough operations challenges facing oil and gas operators today. Wescorp combines its intellectual capital, oil and gas industry experience, best practices methodologies and its market offerings to deliver these solutions in a timely, economic and environmentally friendly manner.
Wescorp shares currently trade on the NASD.OTC Bulletin Board under the symbol "WSCE".
Safe Harbor Statement
Any statements contained herein that are not historical facts are forward-looking statements, and involve risks and uncertainties. Potential factors could cause actual results to differ materially from those expressed or implied by such statements. Information on the potential factors that could affect the Company's actual results of operations is included in its filings with the Securities and Exchange Commission. These risks may be further discussed in periodic reports and registration statements to be filed by the Company from time to time with the Securities and Exchange Commission in the future.
For more information contact:
Wescorp Energy Inc.
Investor Relations: Mark Komonoski, Toll-Free 1-877-255-8483, Office Line (403) 255-8483, Mobile (403) 470-8384, mkomonoski@wescorpenergy.com
www.wescorpenergy.com
Renmark Financial Communications Inc.: Jason Roy: jroy@renmarkfinancial.com
Barry Mire: bmire@renmarkfinancial.com, (514) 939-3989, (416) 644-2020
www.renmarkfinancial.com
Source: Wescorp Energy Inc.
Wescorp Energy Inc (OTC.BB: WSCE) is a featured Company on Investorideas.com, Water-stocks.com, Environmentstocks.com and Oilandgasstocknews.com
For more info on WSCE visit the Company Showcase.
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