Crown receives final regulatory approvals for production facility.SALT LAKE CITY--(BUSINESS WIRE)--Dec. 30, 1996--James A. Middleton, chairman and chief executive officer, announced Monday that Crown Energy Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : CROE), following a regulatory hearing on December 11 before the Utah Board of Oil, Gas and Mining, has received final regulatory approvals for construction of the company's first permanent production facility at its Asphalt asphalt (ăs`fôlt, –fălt), brownish-black substance used commonly in road making, roofing, and waterproofing. Chemically, it is a natural mixture of hydrocarbons. Ridge oil sand deposit near Vernal, Utah For the Vernal point, see .
Vernal is a city in Uintah County, Utah, United States. The population was 7,714 at the 2000 census.and by 2004 had been estimated at 7,939. . The facility, located on 45 acres of Crown's 7,500 acre site at Asphalt Ridge, is designed to initially process approximately 2,000 tons of oil sands daily for an average production of 1,000 barrels of premium asphalt per day over an estimated 15-year life. Crown anticipates shipping product during the 1997 construction season and will expand output from the facility in 1998 in response to market demand. Middleton indicated that while awaiting regulatory approval, Crown has been evaluating financing alternatives and has proven attractive to a number of well-respected names in the industry. "A green light in the regulatory process pushed us over a significant hurdle," said Middleton. "Now focused almost entirely on financing, Crown is in the throes throe n. 1. A severe pang or spasm of pain, as in childbirth. See Synonyms at pain. 2. throes A condition of agonizing struggle or trouble: a country in the throes of economic collapse. of evaluation and working toward a decision. I am more confident than ever that Crown can deliver and will arrive at a program of capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. that will expedite ex·pe·dite tr.v. ex·pe·dit·ed, ex·pe·dit·ing, ex·pe·dites 1. To speed up the progress of; accelerate. 2. the company's business plan and be in the best interest of Crown shareholders." Crown Energy specializes in premium asphalt production from oil sands extracted from its 100 million-barrel reserve. Crown's first production facility at Asphalt Ridge, near Vernal, Utah, will process oil sands which naturally meet new stringent highway specifications at lower cost. Crown asphalt, designed by nature' to offer high durability and lower "life cycle" cost, is expected to be available during the 1997 construction season. CONTACT: Crown Energy Corp., Salt Lake City Rich Rawdin, 801/537-5610 or Jordan Richard Assoc., Salt Lake City Madeleine Madeleine (măd`əlĭn, Fr. mädlĕn`) [Fr.,=Magdalen, i.e., Mary Magdalen], large church of Paris, in the Place de la Madeleine. It was originally planned by J. A. Franco or Bryce Benson, 801-595-8611 |
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