Enhance Energy to Receive Funding for Carbon Capture and Storage and Enhanced Oil Recovery
CALGARY, March 30 /CNW/ - Enhance Energy Inc. ("Enhance") is pleased to announce its selection by the Government of Canada to receive funding through the ecoEnergy Technology Initiative. Enhance's proposal was chosen along with seven other companies pledging to develop clean energy technologies.
"We are honoured by the Government of Canada's recognition of our project," said Susan Cole, President of Enhance Energy Inc. "The proposed Enhance CO(2) pipeline system has the capacity to be the largest carbon capture and storage ("CCS") project in the world. CCS initiatives both federally and provincially will solidify Canada's position as a global leader when it comes to clean energy technologies."
Each of the selected projects will receive an investment between $3 million and $30 million, up to a combined total of $140 million. The funding Enhance will receive will be used for engineering and design of its CCS and enhanced oil recovery project. Enhance and Fairborne Energy Ltd. have an agreement to develop and implement a CO(2) enhanced oil recovery project at the Clive oil field in the Leduc and Nisku reservoirs.
"The Canadian Government's funding will help to ensure the timely development of our world-scale enhanced oil recovery project," said Steven VanSickle, President and CEO of Fairborne Energy Ltd.
Enhance Energy is in the process of completing its submission for the Government of Alberta's Carbon Capture and Storage Program. The deadline is March 31, 2009.
About Enhance Energy Inc.
Enhance Energy Inc. is a private Alberta-based company that specializes in EOR involving the permanent secure storage of CO(2). Enhance Energy uses CO(2) to recover oil that would otherwise remain in the reservoir. Enhance has filed an application to construct a CO(2) pipeline system that will be capable of gathering CO(2) from several sources in Alberta's Industrial Heartland and transporting the CO(2) to existing mature oil fields throughout South-Central Alberta. To learn more please visit www.enhanceenergy.com.
About Fairborne Energy Ltd.
Fairborne is a crude oil and natural gas exploration, development and production company headquartered in Calgary, Alberta, Canada. Fairborne's shares trade on the Toronto Stock Exchange under the symbol "FEL".