Axial Vector Energy Corporation ("AVEC") announced today that its PETRO AVEC JV partner, Petrosonics LLC, was recently awarded a patent in Mexico, protecting the process of removing sulfur from all types of crude oil fractions through sonic energy, oxidation and the removal of all of the oxidized sulfur through hydrotreatment. The patent will remain in force for 20 years.
In 2008, Mexico was the seventh-largest producer of oil in the world. The country produced an average of 3.19 million barrels per day (bbl/d).
According to the Oil and Gas Journal (OGJ), Mexico had 10.5 billion barrels of proven oil reserves as of January 1, 2009. Most reserves consist of heavy crude oil varieties, with a specific gravity of less than 25 degrees API. The largest concentration of reserves occurs offshore in the southern part of the country, especially in the Campeche Basin. There are also sizable reserves in Mexico's onshore basins in the northern parts of the country.
Mexico also has six refineries, all operated by state owned Pemex, with a total refining capacity of 1.5 million bbl/d. The largest facility in the country is the 330,000-bbl/d Salina Cruz facility. Outside of Mexico, Pemex controls 50 percent of the 334,000-bbl/d Deer Park refinery in Texas. In order to reduce its imports of refined products, Pemex plans to build at least one additional refinery in Mexico. The company announced in early 2009 that it plans to build a new, 300,000-bbld refinery, which would have facilities to better process the country's heavy crude oil production. Construction is slated to begin by the end of 2009.
PETRO AVEC CEO Dr. Mark Cullen stated, "Mexico (Pemex) is the third largest exporter of oil to the U.S., behind Canada and Saudi Arabia. Pemex is also the 10th largest oil company in the world in terms of revenue and ranks 42nd on the list of Fortune 500 companies. Its proximity to the United States, co-investment in the United States, new refinery construction in Mexico and work with heavy crude oil make it an ideal candidate for our technology. Now that patent protection is in place, we hope to be talking to and subsequently working with Pemex in the near future."
About PETRO-AVEC, LLC
PETRO-AVEC LLC is a joint venture between AVEC and Petrosonics LLC to develop, finance and market Petrosonics sulfur removal technology globally. The joint venture is owned 60% by Petrosonics LLC and 40% by AVEC.
About Petrosonics, LLC
Petrosonics, LLC is a privately held, U.S. based oil refining and production technology company. Petrosonics' patented products and services utilize high power ultrasound energy in order to reduce sulfur, nitrogen, and trace metals in refinery intermediates and product streams. Intermediates and product streams receiving the Petrosonics treatment show reductions in oil density and viscosity, reduced hydrogen use/loss, and increases in API specific gravity and volume. The proprietary Petrosonics technology has additional application in treating and/or pretreating sour crude oils. Petrosonics was formed in 2001 by Mark Cullen, M.D. Dr. Cullen was previously the President and CEO of SulphCo. Today, Petrosonics has acquired and continues to expand its patent portfolio for all of the significant intellectual property associated with ultrasound assisted oxidative desulphurization of oil fractions and the upgrade and desulphurization of crude oil.
About Axial Vector Energy Corporation (AVEC)
Axial Vector Energy Corporation (axialvectorenergy.com) is a global solutions provider that owns, develops, invest in and licenses revolutionary technologies including, internal combustion engine and electric power generator technologies that have unlimited potential in military, industrial and commercial applications. AVEC and its partners are positioned to become unrivalled leaders in international engine and energy markets with technologies that produce more efficient, cost effective, environmentally sensitive and versatile solutions for use in a wide variety of important applications around the world.
This press release may be deemed to contain forward-looking information. Any forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, including statements as to industry trends, future economic performance, anticipated profitability, anticipated revenues and expenses, and products or service line growth, may be significantly and materially impacted by certain risks and uncertainties, including, but not limited to, failure to meet operating objectives or to execute the operating plan, completion, and other economic factors. Additional risks and uncertainties are described in the Company's public filings with the Securities and Exchange Commission.
SOURCE: Axial Vector Energy Corporation
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