Wescorp Energy Inc. Provides Corporate Update.EDMONTON, Alberta -- Wescorp Energy Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :WSCE WSCE Weapon System Computing Environment WSCE Weapon Server Common Environment ) ("Wescorp" or the "Company") is pleased to provide the following corporate update. "Over the past 14 months Wescorp has completed a number of initiatives in the reorganization of the company that have positioned them to become a dominant participant in the Oil and Gas services sector. The last year has seen Wescorp make the transition from a product development company to a manufacturing and marketing company - generating revenue," comments President and Chief Executive Officer Doug Biles. Upon the closing of the current financing Wescorp will be fully funded to carry out their current business plan for 2005. Wescorp is continuously exploring new opportunities and acquisitions. The company's business model will continuously be brought to bear on emerging technologies that represent significant opportunity for Wescorp to enhance shareholder value, which is the primary motivation for management in assessing these situations. Wescorp has started the process to move to a Senior exchange and anticipates this happening in 2005. Wescorp is situated in the Calgary - Edmonton corridor near the geographic centre of North America's oil and gas reserves, sharing the same language and work ethic work ethic n. A set of values based on the moral virtues of hard work and diligence. work ethic Noun a belief in the moral value of work as the continent's other dominant energy capitals - Houston, Dallas and Denver. Strongly networked within this culture and a major shareholder of energy holdings itself, Wescorp has the long-established relationships and financial resources necessary to bring new energy solutions to market. Wescorp initiates testing and development with major energy players to establish industry acceptance, and then provides the sales, service and distribution infrastructure necessary to market these innovations globally and profitably. FlowStar Wescorp 100% owned subsidiary. FlowStar is now in the process of expanding its operations to meet the growing demand for their DCR DCR Department of Conservation and Recreation DCR Decrease DCR Digital Cable Ready (television) DCR Dark Crisis (Yu-Gi-Oh! cards) DCR Debt Coverage Ratio DCR Dacryocystorhinostomy Series of Electronic Flow Measurement Solutions. FlowStar is increasing inventory and hiring additional sales staff to meet this demand. FlowStar has opened an office in Calgary allowing the company to effectively deal with the corporate head offices of their major clients. To remain a leader in the industry of gas flow measurement, FlowStar is developing a number of new Flow Measurement Solutions, the first of which will be launched early in Q2, 2005. FlowStar's DCR 900, which was developed in late 2001, represents cutting edge technology with significant competitive advantages. The product's compact technology will replace a number of existing measurement devices and encompasses data capture and wireless transmission capabilities. The DCR 900 offers enhanced measurement accuracy over existing devices while being less expensive to buy, install and maintain. The company received CSA (1) (Canadian Standards Association, Toronto, Ontario, www.csa.ca) A standards-defining organization founded in 1919. It is involved in many industries, including electronics, communications and information technology. (Canadian Standards Association See CSA. ) approval in March 2003 on the DCR 900 and successfully field-tested it throughout the summer of 2003. The DCR 900 has been commercialized since then with units sold and installed in various customer applications. FlowStar continues to develop and improve the DCR product, including PDA/telephone software and a satellite communication system. FlowStar's DCR 900 provides a superior competitive advantage in many areas within the gas measurement industry. FlowStar has focused on four areas: Wet Gas, Test Separators, Plunger Lift, and Coal Bed Methane (CBM CBM Commodore Business Machines CBM Coalbed Methane CBM Christoffel Blindenmission CBM Condition Based Maintenance CBM Confidence-Building Measures CBM Curriculum Based Measurement (education) CBM Cubic Meter ) with outstanding results. FlowStar expects to see significantly increased growth in these areas while increasing sales in other areas of the gas industry such as C02 gas storage, casing gas and fuel gas measurement. FlowStar's intrinsically safe Intrinsically safe is an attribute applied to electrical equipment that is designated for use in explosion-prone areas. In normal uses, electrical equipment often creates internal tiny sparks in switches, motor brushes, connectors, and in other places. , internally powered units set FlowStar apart from all other gas flow measurement solutions. On a well installation, the DCR 900 can be installed outside, doing away with the requirement for a heated building where traditional EFM (Ethernet in the First Mile) Using Ethernet to provide connectivity from the customer to the carrier. See 802.3ah. solutions are housed. Eliminating the requirement for the building, meter run, alcohol injection pump An Injection Pump is the device that pumps fuel into the cylinders of a diesel engine or less typically, a gasoline engine. Traditionally, the pump is driven indirectly from the crankshaft by gears, chains or a toothed belt (often the timing belt) that also drives the camshaft on and metering skid would result in a savings of more than $50,000 in initial costs. It also uses a smaller amount of land reducing the footprint of the oil and gas company. FlowStar has positioned itself to be a major participant in the CBM marketplace. The DCR 900 delivers the only solution to accurately measure these low pressure, low volume wells without significantly reducing the production. Ellycrack Wescorp 50/50 Joint Venture Partner. "Wescorp is extremely encouraged by the test results to date on Ellycracks Viscositor technology" comments President and Chief Executive Officer Doug Biles. Wescorp/Ellycrack are completing the final engineered drawings that will enable them to start the process of building a test pilot project in Canada. Wescorp is currently assembling a team to construct and test the new pilot plant. Wescorp is scheduled to begin assembly in Q2, 2005 and commence testing in Q3, 2005. Wescorp has received significant interest in the Ellycrack process and is currently accessing a number of proposals put forth to test the pilot plant in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and Internationally. EllyCrack is a Norwegian based private company which was incorporated in 2001. Inventor Olav Ellingsen developed the principle of Ellycrack's high intensive catalytic crack technology for heavy oil between 1995 - 1997. After the invention, intensive feasibility studies were performed with positive conclusions. Based upon these conclusions, a test plant called the VISCOSITOR was built and installed at SINTEF SINTEF Selskapet for INdustriell og TEknisk Forskning ved norges tekniske hoegskole (The Foundation for Scientific and Industrial Research at the Norwegian Institute of Technology) ENERGY RESEARCH in Trondheim, Norway. Ellycrack's cost-effective technology, which can upgrade heavy oil to pipeline specifications on location, becomes even more important in these times of decreasing worldwide conventional oil reserves Oil reserves refer to portions of oil in place that are claimed to be recoverable under economic constraints. Oil in the ground is not a "reserve" unless it is claimed to be economically recoverable, since as the oil is extracted, the cost of recovery increases incrementally . There are vast areas of heavy oil around the world. In Alberta alone its three oil sand deposits - Athabasca, Cold Lake, and Peace River - contain resources that could supply Canada's energy needs for more than 475 years, or total world needs for up to 15 years. The production potential of all these oil sand deposits could be as high as 2.5 trillion barrels of bitumen bitumen (bĭty `mən) a generic term referring to flammable, brown or black mixtures of tarlike hydrocarbons, derived naturally or by distillation from petroleum. (five times more than the conventional oil reserves in Saudi Arabia Saudi Arabia (sä `dē ərā`bēə, sou`–, sô–), officially Kingdom of Saudi Arabia, kingdom (2005 est. pop. ). Upgrading the oil in the field will allow oil companies to eliminate on-site storage tanks as well as the costly process of trucking the oil great distances to an upgrader. The oil can be transported by pipeline directly to a refinery for refining into ordinary petroleum products. Ellycrack's technology is particularly environmentally-friendly in that not only does it operate at much lower temperatures and pressures, which means less energy consumption, than current processes; it also does away with the extensive water pollution which is a by-product by·prod·uct or by-prod·uct n. 1. Something produced in the making of something else. 2. A secondary result; a side effect. by-product Noun 1. of current processes. Usually an environmentally friendly Environmentally friendly, also referred to as nature friendly, is a term used to refer to goods and services considered to inflict minimal harm on the environment.[1] process means a more expensive process, however Wescorp's philosophy has always been to supply leading edge technology to the energy sector on an environmental-friendly basis while ensuring that the end user gains a significant economic advantage. Wescorp believes that the Ellycrack technology will attain this objective." Any statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, 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 are 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. The Company's shares trade on the OTCBB under the symbol "WSCE". Wescorp Energy Inc. (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. :WSCE) |
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