Wescorp Energy and Ellycrack AS restructure their joint agreement for the
development and commercialization of the VISCOSITOR heavy oil upgrading
technology
Under the terms of the new agreement, Ellycrack will have full legal ownership of the VISCOSITOR technology, including its designs, work projects and the 50 barrel-per-day VISCOSITOR test unit that is currently located in western
In return, Ellycrack AS will deliver 725,000 shares of Ellycrack to Wescorp for nominal consideration and Ellycrack will credit Wescorp as having satisfied its obligation to Ellycrack of approximately
"Wescorp is very pleased with the new arrangement with Ellycrack regarding the VISCOSITOR," commented
"This new agreement is beneficial to both companies," stated Olav Ellingsen, CEO of Ellycrack AS. "Ellycrack's legal ownership and control of the test unit allows us to finance the company so further development and commercialization can occur at a much faster rate. We look forward to having Wescorp as a value-added shareholder as we prove the commercial viability and large scale economic value of the VISCOSITOR."
About Wescorp
Wescorp Energy Inc. (www.wescorpenerav.com) is an oil and gas operations solutions company focused on commercializing technologies that overcome tough operational challenges facing oil and gas operators today.
Wescorp shares currently trade on the NASD.OTC Bulletin Board under the symbol "WSCE".
About Ellycrack AS
Ellycrack AS is a private company based in
Website: www.ellycrack.com
Safe Harbor Statement ---------------------
Any statements contained herein that are not historical facts may be forward-looking statements, and involve risks and uncertainties. Potential factors could cause actual results to differ materially from those expressed or implied by such statements. Information on the potential factors that could affect the Company's actual results of operations is included in its filings with the Securities and Exchange Commission. These risks may be further discussed in periodic reports and registration statements to be filed by the Company from time to time with the Securities and Exchange Commission in the future.
For further information: Investor Relations contact: Mark Komonoski, Toll-Free: 1-877-255-8483, Office Line: 1-403-255-8483, Mobile: 1-403-470-8384, [email protected], Website: www.wescorpenergy.com; Renmark Financial Communications Inc.: Jason Roy, [email protected]; Barry Mire, [email protected], (514) 939-3989, (416) 644-2020
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