MONTREAL, July 7 /CNW/ - ProSep Inc. (TSX: PRP), dedicated to providing
process solutions to the oil and gas industry, announced today that it has
expanded its relationship with Worley Parsons and BP Exploration Alaska, and
signed a new contract valued at $4.83 million (US). ProSep will provide BP
Exploration with specialized equipment that will separate gas from produced
reservoir fluids in its gas partial project in Prudhoe Bay, Alaska.
"This is an important contract win on many levels," said Jacques L.
Drouin, President and CEO of ProSep Inc. "Not only does it strengthen our
backlog and accelerate our path to profitability, it further validates our
growth strategy and demonstrates how our expanded suite of offerings allows us
to better serve the production activity requirements of our oil and gas
As announced previously, ProSep has been providing engineering and design
services to Worley Parsons and BP Exploration since January, 2008.
ProSep will deliver and start to assemble the separators in the summer of
2009. It is expected that the separators will be commissioned in mid-2010.
Prudhoe Bay is North America's largest oil field and has been
experiencing a steady decline in production since reaching its peak in 1987.
"ProSep is developing an international reputation for helping our
customers maximize their production output," said Mr. Drouin. "As the world's
oil and gas sites continue to mature, the need for our separation technology
With this contract, ProSep's current sales backlog totals approximately
$45 million (CDN).
About ProSep Inc.
ProSep Inc., formerly known as TORR Canada Inc., is dedicated to
providing process solutions to the oil and gas industry. ProSep designs,
develops, manufactures and commercializes technologies to separate oil, water
and gas generated by oil and gas production. For more information, please
Caution concerning forward-looking statements
This press release contains forward-looking statements. Such statements
inherently involve numerous risks and uncertainties. Actual future results may
differ from the anticipated results expressed in the forward-looking
statements contained in this press release and ProSep does not undertake to
update this information. Investors are cautioned against placing undue
importance on forward-looking information contained herein and should consult
the final short form prospectus and the documents incorporated by reference
therein, which contain a more exhaustive analysis of risks and uncertainties
connected to ProSep's business
For further information:
For further information: ProSep Inc.: Jacques L. Drouin, President &
CEO, (514) 522-5550, ext. 226, firstname.lastname@example.org; The Equicom Group Inc.:
Joe Racanelli, (416) 815-0700 ext. 243, email@example.com