CALGARY, March 5 /CNW/ - Value Creation Inc. announces that BA Energy
Inc. has become a wholly-owned subsidiary of Value Creation effective
February 26, 2008. BA Energy is constructing the Heartland Upgrader, a
merchant bitumen upgrader using proprietary upgrading technologies developed
by Value Creation in Strathcona County, northeast of Edmonton, Alberta.
"Value Creation is fully committed to the successful completion of the
Heartland Upgrader," said Dr. Columba Yeung, Chairman and Chief Executive
Officer of Value Creation Inc. "The Heartland Upgrader will be a key component
in the value enhancement chain for the Value Creation Group."
Value Creation Inc. is one of the largest oil sands lease holders in
Alberta. In December 2007, the company filed a joint regulatory application
with the Energy Resources Conservation Board and Alberta Environment for the
development of an integrated in-situ bitumen pilot production and upgrading
project on its Terre de Grace lease. Value Creation's application for a large,
multi-phased commercial project on Terre de Grace is expected to be filed
subsequent to approval of the pilot project. Value Creation's Terre de Grace
pilot project is located 23 km northwest of Fort McKay, 28 km southeast of
Namur Lake and 80 km northwest of Fort McMurray.
A member of the Value Creation Group of Companies, Value Creation Inc. is
a private Canadian company using its substantial resource base and innovative
technologies to create enhanced value in the full oil sands development value
chain. The company is headquartered in Calgary, Alberta (www.vctek.com).
Certain statements in this news release constitute forward-looking
statements. Such forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause actual results, plans or events
to differ materially from those indicated in such forward-looking statements.
Although Value Creation Inc. believes that the expectations and assumptions on
which the forward-looking statements are based are reasonable as of the date
of this news release, no assurance can be given that any of the events or
plans indicated by the forward-looking statements will transpire or occur, or
if any of them do so, what benefits that Value Creation Inc. will derive
For further information:
For further information: Dr. Columba Yeung, Value Creation Inc., (403)