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SONIC to acquire heavy oil upgrading technology
TSX Venture Exchange Symbol SNV Process Chemistry Complements SONIC Heavy Oil Sonoprocess(TM) VAN...
About this update from Sonoro Energy Ltd.
[{"type":"text","content":"\n\n\n\nTSX Venture Exchange Symbol SNV\n\n\nProcess Chemistry Complements SONIC Heavy Oil Sonoprocess(TM)\n\n\nVANCOUVER, April 28 /CNW/ - SONIC Technology Solutions Inc. ("SONIC" or\n"the Company") today announced that it has agreed to terms to acquire all of\nthe issued and outstanding shares of Northern Oil Research Technologies Inc.\n("NORT"), an Alberta based oil process development company. NORT has developed\nand patented a low pressure and temperature chemical process for upgrading\nheavy crude oil (or bitumen) and is developing further processes to maximize\nthe value from asphaltenes. NORT's patented chemistry has demonstrated\nincreases in the API of heavy oil from 10 to over 28 API as well as\nsignificant reductions in sulphur content while maintaining a high liquid\nyield and minimizing CO2 production. The performance of the NORT process was\nconfirmed in analysis by the Alberta Research Council in Edmonton, Alberta.\n\n\nThe cold cracking (low temperature and pressure) NORT process is expected\nto enable SONIC to fully exploit the work that it has undertaken with\nPetroSonic Energy Systems Inc. on accelerated upgrading of heavy oil. Under\nthe terms of the acquisition, SONIC's purchase price consists of the issuance\nto NORT shareholders and related parties of common shares upon the achievement\nof key milestones up to a total value of $3 million dollars with an initial\nvalue of $0.5 million at $0.25 per share upon the acquisition of the NORT\nshares. The major milestones are the development and installation of a\nsuccessful field pilot plant and full commercial implementation. SONIC\nbelieves that the process is easily scalable to 2,500 barrels per day by use\nof PetroSonic's compact accelerated process. Mr. Frederick Boakye, NORT's\nChief Scientist, will join SONIC to ensure successful and rapid implementation\nof these objectives.\n\n\nThe NORT solvent extraction process uses a proprietary bio-chemical\noxidation chemistry to upgrade heavy oil. The two-stage process partially\nde-asphalts before electrophilic oxidation of sulphur and nitrogen-containing\ncompounds. By utilizing agriculturally produced chemicals, and with low energy\nrequirements, SONIC expects the commercial process to have a relatively small\ncarbon footprint. SONIC has already demonstrated and patented a\nSonopr...