VANCOUVER, Nov. 24 /CNW/ - Petromin Resources Ltd. ("Petromin") (TSX.V: PTR) is pleased to announce that China United Coalbed Methane Corp., Ltd. ("CUCBM"), has initiated well operations at Deep Un-mineable Coal CO2 Sequestration and Enhanced Coalbed Methane ("ECBM") Pilot Project in China ("Pilot Project") in Shanxi Province, China.
Well SX-001 has begun de-watering in preparation for the injection of CO2 into the target coal seam(s). The current phase of operations will provide baseline data on water and coalbed methane ("CBM") production from the target coal seams no. 3 (approximately 5 meters thick) and no. 15 (approximately 6.6 meters thick).
In addition, the Company is pleased to report that the Pilot Project operations area has been enlarged to 5.0 square kilometers, with discussions for, following the success of Phase One, a much larger area for Phase Two of the Pilot Project.
The Pilot Project is located on CUCBM's Shizhuang North block in the Qinshui Basin of Shanxi Province, China. The Qinshui Basin is one of the more prolific CBM producing regions in China and the coal seams are prospective for ECBM production.
The Pilot Project has the objectives of confirming the suitability of the coal seams for CO2 sequestration and long term storage while piloting the enhanced production of CBM from the coal seams in which the CO2 is stored. Coal is deemed to have long term storage potential for CO2 because CO2 will preferentially adhere to the coal cleat surface while displacing methane contained in the coal. The Pilot Project is an international cooperative venture between Petromin, Enviro Energy International Holdings Limited ("Enviro-Energy") and CUCBM. The parties will jointly retain the intellectual property developed during the pilot campaign. CUCBM is supported financially in the venture by the China Ministry of Science and Technology.
On 18 November 2009, a top level CUCBM delegation attended Petromin's Vancouver offices and held a Joint Project Steering Committee (JPSC) meeting with representatives from Petromin, Enviro-Energy and the Alberta Research Council. CUCBM emphasized the importance and high priority that their Government is giving the Pilot Project as it directly relates to both their environmental and clean energy future planning. CUCBM was represented by Mr. Feng Sanli, president; Dr. Ye Jianping, assistant to president; Ms. Yang Yi, director of Foreign Affairs; and Mr. Hu Bin, engineer, Department of Science and Technology Management. The CUCBM delegation also attended the Unconventional Gas Conference organized by Canadian Society of Unconventional Gas in Calgary, Canada from 18 to 20 November 2009, before returning to China.
Petromin and Enviro-Energy utilize the Alberta Research Council as their principal technical consultant on the Pilot Project. Recent public statements by the Chinese leadership include a promise to cut CO2 emissions per unit of gross domestic product by a "notable margin" by 2020 from the 2005 level. The Board believes that the Pilot Project is well positioned to assist China in the achievement of its greenhouse gas emission goals by championing technological advances in ECBM in China while ultimately leading to commercialization of the technology and that there is a strong measure of support for our efforts from the Chinese Government.
About Petromin Resources Ltd.
Petromin Resources is a progressive international petroleum and natural gas exploration and production company listed Tier 1 on the TSX Venture Exchange. Petromin is a major shareholder in TWE and provides professional services under the terms of a management agreement with TWE.
Petromin was ranked 24th of the Top 100 Fastest Growing Companies in BC by Business in Vancouver in 2009 based on a 704% revenue increase over the past 4 years.
On behalf of the Board of Directors,
A. Ross Gorrell
Statements contained in this news release that are not historical facts are forward-looking statements that involve various risks and uncertainty affecting the business of Petromin Resources. Actual results may vary materially from the information provided in this release. As a result there is no representation by Petromin Resources that the actual results realized in the future will be the same in whole or in part as those presented herein. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. Factors that could cause actual results to differ from those contained in the forward-looking statements, are set forth in, but are not limited to, filings that the Company and its independent evaluator have made, including the Company's most recent reports in Canada under National Instrument 51-102. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Petromin Resources Ltd.
For further information: For further information: Mike Suk, VP Corporate Affairs, (604) 682-8831, Website: www.petromin.ca