- Company's natural gas treatment solutions to support PDVSA's expansion
MONTREAL, Oct. 20 /CNW/ - ProSep Inc. (TSX: PRP), dedicated to providing
process solutions to the oil and gas industry, announced today that it has
been awarded a $2.32 million (U.S.) contract to support a new commercial
initiative by PDSVA, Venezuela's state-owned energy company.
ProSep will supply separation equipment that will treat approximately
20 million standard cubic feet per day of gas at PDVSA's expansion project in
Morichal, Venezuela. By efficiently treating and removing water, sulfur and
carbon elements, ProSep's separation equipment will enable PDVSA to sell
natural gas that would otherwise be burned or released during its oil
"This is an important contract win on many levels," said Jacques L.
Drouin, President and CEO of ProSep Inc. "Not only have we entered into a
significant arrangement with one of the largest energy companies, we continue
to demonstrate how our separation solutions deliver compelling business
advantages to upstream oil and gas companies around the world."
ProSep was awarded the contract by its local partner in South America,
Skanska LatinoAmerica (LA), a major engineering and procurement contractor
serving the oil and gas sector. Skanska LA, a unit of the Sweden-based Skanska
Group, has 12,000 employees and more than 110 projects under construction.
ProSep expects to deliver its gas membrane separation equipment in June
2009. With this contract win, ProSep's current sales backlog totals
approximately $39.5 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