Saccharum Energy Corp. Announces Appointment of Technical Advisory Committee and Submission of Application for Alberta’s Petrochemical Diversification Program
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Calgary, Alberta (FSCwire) - Saccharum Energy Corp. (“Saccharum” or the “Corporation”) announced today that the Board of Directors has appointed Steve Price, Steve Kresnyak, and Glenn McGinnis to its newly formed Technical Advisory Committee.
Technical Advisory Committee
Saccharum’s Technical Advisory Committee is intended to support the Board with advice on issues and matters related to the gas-to-diesel conversion process being developed by the Corporation. Composed of three individuals with extensive backgrounds in petroleum engineering and operations, the appointees include:
Steve Price, P. Eng.: President of Price Engineering, a consulting company providing technical and managerial expertise to the energy sector since 1995. He has over 35 years’ experience in engineering and management including corporate operations, evaluations, facilities design and operation. Mr. Price received his Bachelor of Science degree in Electrical Engineering from the University of Manitoba. He is past President of Unitech Energy Resources Ltd., Vice President of HCO Energy Ltd., Bralorne Resources Inc., and Manager of Ranchmen’s Resources Ltd. (all oil & gas issuers that are or were listed on the TSX).
Steve Kresnyak P. Eng.: President of Swiftsure Engineering Ltd., an engineering consulting company assisting clients engaged in upstream, downstream and offshore energy industry, primarily in facilities areas of gas and oil production, gas and oil processing, refining and upgrading. Mr. Kresnyak has over 38 years EPC/EPCM experience and provided consulting support to WorleyParsons (former partner of Colt Engineering) in Calgary and globally as a Technical and Project Development Specialist, experienced in front end development of gas, heavy oil and bitumen projects and technology projects. Mr. Kresnyak has authored and presented several patents and technical papers.
Glenn McGinnis, P. Eng.: President of Pegasus Engineering Services, is a long-time oil and petroleum industry expert having been actively engaged in refining projects and operations for the past four decades. He served most recently as CEO of Arizona Clean Fuels Yuma. Prior to Arizona Clean Fuels Yuma, McGinnis was Vice President & General Manager for El Paso Corporation's Aruba Refinery. Prior to El Paso, McGinnis held various positions with Aux Sable Liquid Products, Orion Refining Corporation, TransAmerican Refining Corporation, Imperial Oil Limited and Exxon. His career highlights include oversight of El Paso's Aruba refinery sale to Valero, operation of Aux Sable’s large NGL plant in Channahon, Illinois, oversight of Orion's $1.6 billion expansion and restart of a 155,000 B/D refinery in Louisiana. He also held refinery manager, engineering and supply coordination positions with Imperial Oil and Exxon. He holds a B. Sc in Chemical Engineering from McMaster University and an M. Sc. from the University of Alberta.
In connection with their appointments, Saccharum will grant options to purchase 250,000 common shares each, to Mr. Price, Mr. Kresnyak, and Mr. McGinnis, exercisable at $0.36 per option for a period of 5 years.
Application for Alberta’s Petrochemical Diversification Program
Saccharum also announced today that it has received confirmation from Expander Energy Inc., the lead proponent, that the companies’ application for Alberta’s Petrochemical Diversification Program has been received. The Petrochemicals Diversification Program will encourage companies to invest in the development of new Alberta petrochemical facilities by providing up to $500 million in incentives through royalty credits. The program, announced on February 1, 2016, is part of the government’s continued action on the economy, helping to create jobs, attract investment and diversify Alberta’s economy. The deadline for applications was April 22, 2016.
Building on Alberta's large supply of methane and propane, the program will capitalize on the growing global demand for related higher value products and promote greater energy processing in Alberta.
The Alberta government anticipates that the benefits of this program could be significant to Alberta workers and their families with between $3 billion and $5 billion worth of investment attracted to Alberta, up to 3,000 new jobs during construction of new petrochemical facilities, and more than 1,000 jobs once operation begins.
Saccharum and its consortium partners intend to build Canada’s first small-scale Enhanced GTL® plant at a location in Alberta. The plant is designed to convert Natural Gas, Natural Gas Liquids, and Propane into premium zero sulphur high cetane synthetic diesel.
For further information contact:
Shane Ferster, Chief Executive Officer
Tel: 1 403 880 7237
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Source: Saccharum Energy Corp. (TSX Venture:SHM)
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