VANCOUVER, Aug. 31 /CNW/ - Free Energy International Inc. ("Free Energy"
or the "Company") has been contracted by one of North America's largest
independent oil and gas exploration and production companies to install one or
more Organic Rankine Cycle power production plants at its Swan Hills oil and
gas production facility in Alberta. These ORC plants will use geothermal waste
heat from the facility to generate electricity to be used as an alternative or
supplementary source of electricity at the facility.
The main part of the Swan Hills field produces oil, gas and water from a
depth of approximately 9000 feet. These fluids are pumped to the surface at
approximately 163 - 170 degrees F. in very high volumes. The oil and gas are
separated from the water, and the water is then pumped back into the
formation. Free Energy will utilize heat exchange technology to remove
sufficient heat from the water before it is re-circulated to produce
The $7 million project is planned to be developed in 2 phases of 1 MGW
each. Free Energy will be responsible for designing, financing, installing and
operating the waste heat recovery system, and will own that system on
completion. The Operator of the Swan Hills facility will be obligated to
purchase from Free Energy all electricity produced by the facility and to pay
Free Energy for all such electricity at the rate currently being paid by the
Operator to its third party power supplier. The owners of the facility will be
entitled to all carbon credits generated by the project and, after Free Energy
has received after-tax income equal to 115% of its out-of-pocket expenses,
including capital costs, incurred to finance, construct, connect and
commission the facility, will receive a royalty equal to 50% of Free Energy's
net operating income. Completion of the first phase is scheduled for early
The agreement is subject to Free Energy financing the project, consents
from Government and approval from the owners of the Swan Hills Unit.
Win for the environment:
This project is certainly a win for the environment as the energy produced
is extracted from heated water that is recycled back into the earth and has
been since 1956. There are no pollutants or green house gases produced and
little if any environmental impact.
Free Energy Technology:
Free Energy International Inc. is a renewable energy technology company
developing revolutionary technologies for the heating and cooling industry
based on a new class of thermal superconductors now becoming available on the
world market. The Company is focused on developing technologies that provide
environmental solutions that take advantage of the increased focus on climate
change and energy efficiency.
About Free Energy International Inc.
Free Energy International Inc. is a British Columbia corporation with its
head office in Vancouver, British Columbia. The Company is listed on the TSX
Venture Exchange as a Tier 2 company. The Company has a total of 12,836,453
common shares issued and outstanding, of which 7,056,000 shares are subject to
Additional information about Free Energy may be found on SEDAR at
Information on the technology can be viewed at the Free Energy website at
Alf Sanderson, President
Free Energy International Inc.
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. This release
may contain forward-looking statements or statements relating to matters
that involve a number of risks and uncertainties. Actual events or
results could differ materially from the Company's expectations and
For further information:
For further information: please contact the Company by phone at (604)
657-5638 or by email email@example.com