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Petrostar has financing for audit fees
2012-05-29 20:18 ET - News Release
Mr. Bruce Scafe reports
PETROSTAR DEFAULT UPDATE
Petrostar Petroleum Corp.'s 2011 annual financial audit is moving forward.
On April 5, 2012, Petrostar applied to the British Columbia Securities Commission for a management cease trade order and the company confirms it will comply with the alternative information guidelines described in sections 4.3 and 4.4 of NP 12-203 as necessary. On April 30, 2012, the BCSC granted the MCTO. Petrostar must file its 2011 annual financials by June 30, 2012, or a full cease trade order will be issued to the company by the BCSC. At present, Petrostar is on the default list.
Petrostar has secured financing for the outstanding 2010 audit fees and the 2011 audit fees by way of a private placement financing announced April 20, 2012.
The company's interim financials for the first quarter ended March 31, 2012, will be filed immediately after the 2011 annual financials are filed.
Datum / Zeit | Kurs | Volumen | |||
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18.06.2012 08:05:33 | 0,0650 | 1.000 |
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Petrostar signs definitive deal to acquire TexAlta
2012-07-09 17:49 ET - News Release
Mr. Bruce Scafe reports
PETROSTAR SUBMITS DEFINITIVE AGREEMENT TO TSXV
Petrostar Petroleum Corp. has executed a definitive agreement with the shareholders of TexAlta Industries Ltd., a private Alberta company, to acquire 100 per cent of TexAlta's issued and outstanding shares. This follows the letter of intent that was announced May 14, 2012.
The definitive agreement states that the proposed transactions between Petrostar and TexAlta's shareholders will take the form of an arm's-length asset purchase agreement pursuant to which Petrostar will issue 10 million common shares, valued at five cents per share, to TexAlta's shareholders on a pro rata basis. No finder's fee is payable.
Under the terms of the agreement, and subject to regulatory approval, Petrostar will transfer Bakken Oil Resources Inc., Petrostar's 100-per-cent-owned subsidiary, to the TexAlta shareholders. Bakken Oil holds 1,387 acres of undeveloped P&NG leases in southeastern Saskatchewan. In return, Petrostar will receive 100-per-cent ownership of TexAlta, including various mineral lands and assets. Current TexAlta management will continue as operators for these properties and oversee all future development plans for Petrostar.
Bruce Scafe, Petrostar's chief executive officer, stated: "I am very pleased that the company was able to finalize the agreement with the Texalta shareholders. The properties being acquired, the experience and expertise that Texalta management brings to the agreement is invaluable and marks a fresh beginning for the company."
Mackenzie Loree, TexAlta's CEO, stated: "On behalf of the TexAlta management and shareholders, we are pleased with the execution of the definitive agreement. We feel that the deal is within the best interests of all parties involved. This is a great opportunity to maximize shareholder value and to provide a fresh start for Petrostar and all of its stakeholders."
This transaction will not result in a change of control of Petrostar or a reverse takeover, but will require Petrostar's shareholders' approval, which will be sought at the company's upcoming annual general meeting in August, 2012.
Petrostar CFO Stafford resigns
2012-07-12 14:12 ET - News Release
Mr. Bruce Scafe reports PETROSTAR ANNOUNCES RESIGNATION OF CFO William Stafford has tendered his resignation to Petrostar Petroleum Corp. effective immediately. Mr. Stafford has been a member of the board of directors for many years and has held the position of chief financial officer for the past three years.
Mr. Bruce Scafe reports
PETROSTAR ANNOUNCES DETAILS OF THE DISTILLATION PLANTS
Petrostar Petroleum Corp. has released details regarding the building of modular crude oil distillation plants in Canada (see news release dated Oct. 25, 2012).
Licensing
The newly formed entity will submit a licence application for the construction of a 10,000 barrel per day (bbl/day) oil distillation facility (refinery). The facility will include four 2,500bbl/day skid mounted modular plants. The objective is to develop the facility over time, starting with the initial development of a single 2,500bbl/day plant followed by an expansion to a total of four plants capable of handling the 10,000bbl/day of crude oil. The entire facility will be supplied with crude oil and condensate by truck, pipeline and rail. A tank farm consisting of 84 tanks (21 per plant) will be used. The refined products will then be pumped from the tank farm to the tank trucks and tank rail cars for transportation from the site.
All Alberta Environment and ERCB licensing procedures will be adhere to, as well as Federal standards and policies. The primary focus for the licensing of the modular distillation units is the air emission certification. The licensing process of the distillation plant is limited as the plant is electrically operated and does not utilize water, steam, or instrument air.
Air Emissions per 10,000bbl/d facility: ---------------------------------- |Pollutant|Projected PTE Refinery| |--------------------------------| |PM10 |1.9 | |--------------------------------| |PM2.5 |1.9 | |--------------------------------| |SO2 |0.0601 | |--------------------------------| |NOx |5.01 | |--------------------------------| |CO |8.4 | |--------------------------------| |VOC |32.2 | |--------------------------------| |HAPs |1.01E-03 | ----------------------------------
Note: Emissions will slightly vary depending on feedstock type and quality.
Description of the process
The purpose of the distillation plant is to separate crude oil condensate, trans-mix, and other related organic liquids that are a mixture of various components, into products that are relatively uniform. Feedstock, consisting mainly of crude oil and condensate from local areas, will be delivered to the plant by common highway tank trucks. The total feed to all four plants will be a maximum of 10,000bbl per day, or 3,650,000bbl per year. The feedstock will be off-loaded via flexible stainless steel hoses that connect to the bottom of the tank trucks, and a system of above ground solid pipes and pumps. The feedstock will be pumped through this system into storage tanks.
From the storage tanks, the feedstock will be pumped through a de-salter system and then a series of heat exchangers, to increase its temperature and cool the products. The pre-heated feed will then be piped into the refinery process heater (H-103), where additional heat will be added. The feedstock exits the heater at approximately 650oF, and is pumped into bottom of an atmospheric distillation tower. At 650oF, and atmospheric pressure, most of the feedstock boils into gaseous form. As the gas rises through the tower, it cools and condenses into liquids.
The difference in temperature that various liquids condense at is used to separate the feedstock into intermediate products. The tower contains a series of trays and packing that collect the liquids as they are condensed, and removes the liquids from the tower. The lower in the tower the tray is, the heavier the liquid will be that condenses on that tray. Each tray produces what is called a "cut".
The atmospheric tower will produce the following cuts: atmospheric gas oil from the lowest trays, then diesel fuel, kerosene, and finally naphtha that will be used in commercial solvents. The naphtha cut is sent to a naphtha stabilizer and then to a naphtha treating unit in which caustic is used to remove impurities. The kerosene is also sent to a caustic treater to remove impurities.
The naphtha cut is split again in another separation tower called the naphtha splitter. This produces a light-, medium- and heavy-naphtha that are sold as petroleum spirits, and VM&P naphtha and mineral spirits.
After cooling in the heat exchangers, the products are piped into the storage tanks. From there, the products are blended with each other to give the optimum characteristics for sale, and then returned to the finished products tanks. The products are then bottom loaded to one of two loading racks (tank truck or rail car), and shipped to the customers.
The atmospheric gas oil cut will be sent to a vacuum distillation tower for additional separation. The separation principal in this tower is the same as in the atmospheric tower, except that the tower is placed under a vacuum (produced by electric powered vacuum pumps) of approximately 22Psi. Compounds that would not boil into gaseous form at atmospheric pressure do so under the vacuum. The vacuum tower and associated vacuum gas oil ("VGO") stripper will produce three cuts: light VGO, heavy VGO and bottoms. These cuts follow a similar path as the atmospheric tower products... through heat exchangers to storage tanks. A second natural gas fired refinery process heater (H-202) will add heat to the vacuum tower feed.
From the storage tanks the intermediate products are blended and pumped to the finished product tanks, then to the loading racks for shipping. The quantity and characteristics of the products will vary based on the specific feedstock used.
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Wertung | Antworten | Thema | Verfasser | letzter Verfasser | letzter Beitrag | |
79 | Ist das nun ein Neubeginn? PETROSTAR PETROLEUM COR | hawkwer | hawkwer | 25.04.21 01:03 | ||
9 | 253 | PETROSTAR -Börsenstar? | Canon | hawkwer | 16.06.11 06:56 | |
1 | Petrostar Continues Bakken Exploration | brunneta | brunneta | 10.12.08 16:18 |