CS Resources and Chinese Petroleum Corporation To Collaborate on Oil Project.CALGARY, Alberta--(BUSINESS WIRE)--Feb. 26, 1997--CS Resources (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , ME: CRZ CRZ Cruise CRZ Contamination Reduction Zone CRZ Chirped Return to Zero CRZ Close Reconnaissance Zone CRZ Controlled-Reaction Zone CRZ Compact Renaissance Zero ) Chinese Petroleum Corporation and CS Resources International Inc., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of CS Resources Limited, are pleased to announce they have agreed to collaborate toward the development of heavy oil and oil sands projects in Canada and other countries. It is expected that such projects will benefit from the application of CS Resources' technologies and Chinese Petroleum Corporation's international oil marketing expertise. Chinese Petroleum Corporation is a state owned oil refining and marketing company in Taiwan. The Corporation operates two refineries with a total capacity of 770,000 barrels per day Barrels per day (abbreviated BPD, bbl/d, bpd, bd or b/d) is a measurement used to describe the amount of crude oil (measured in barrels) produced or consumed by an entity in one day. , and a network of over 1,200 retail stations. Chinese Petroleum Corporation has international oil exploration and production projects in the USA, Ecuador, Colombia, Kazakhstan, Myanmar, Indonesia, Vietnam and Malaysia with total crude oil production of 30,000 barrels per day. CS Resources is a Calgary-based petroleum company with operations focussed in the western Canada sedimentary basin. CS Resources, which currently produces 15,000 barrels per day, has developed leading-edge horizontal well technologies for the recovery of heavy oil and bitumen bitumen (bĭty  `mən) a generic term referring to flammable, brown or black mixtures of tarlike hydrocarbons, derived naturally or by distillation from petroleum. . Under the Memorandum of Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. , the companies will evaluate the technical and economic potential of different project opportunities and determine their respective interests to participate jointly with specific projects. This strategic relationship between CS Resources and Chinese Petroleum Corporation will allow them to effectively expand their respective participation in the in situ development of heavy oil and bitumen resources throughout the world. The common shares of CS Resources are listed for trading on the Montreal Exchange and The Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. . CONTACT: CS Resources Limited Dee A. Parkinson, 403/ 260-6100 403/260-6191 (FAX) or CS Resources Limited George A. Crookp://www.businesswire.com |
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