SOURCE: Axial Vector Engine Corp.

August 05, 2009 09:40 ET

Axial Vector Energy Corporation JV Partner, PETRO-AVEC LLC Awarded Patent in Egypt, the World'S 26th Largest Crude Oil Producer

DUBAI, UNITED ARAB EMIRATES--(Marketwire - August 5, 2009) - Axial Vector Energy Corporation ("AVEC") (PINKSHEETS: AXVC) (FRANKFURT: BAE1) announced today that its PETRO AVEC JV partner, Petrosonics LLC, was recently awarded a patent in Egypt (Egyptian Patent Application No. PCT/NA/122/2006), protecting the process of removing sulfur from all types of crude oil fractions through sonic energy, oxidation and the removal of all of the oxidized sulfur through hydrotreatment. The patent will remain in force for 20 years.

According to the Oil and Gas Journal and the U.S. Department of Energy, Egypt's proven oil reserves stand at roughly 4 billion barrels. Egypt also has the largest refining sector on the African continent with nine refineries that have a combined crude oil processing capacity of 726,000 bbl/d.

Dr. Mazin Samman, lead PETRO AVEC licensing negotiator for Egypt noted, "International Oil Companies (IOCs), such as ENI, BP, Petronas, KUFPEC and others play a significant role in Egypt's upstream sector on a production-sharing basis with most production coming from mature fields in the Gulf of Suez (50 percent) and the newer wells of the Western Desert. The international companies are already on our list of licensing candidates and the introduction of our technology opens up a lot of Egypt's heavy oil potential, which has not yet been developed commercially. The refineries are all run by Egyptian General Petroleum Corporation (EGPC) subsidiaries and we look forward to be speaking with them as well."

PETRO AVEC CEO Dr. Mark Cullen stated, "We're pleased to add Egypt to the growing list of nations granting intellectual property protection. The timing is fortuitous, given EGPC's ongoing plan to invest in five new refineries with up to a 300,000 pbd per refinery capacity. We are also interested in Egypt's upstream heavy oil production and look forward to assisting as IOC investment permits."


PETRO-AVEC LLC is a joint venture between AVEC and Petrosonics LLC to develop, finance and market Petrosonics sulfur removal technology globally. The joint venture is owned 60% by Petrosonics LLC and 40% by AVEC.

About Petrosonics, LLC

Petrosonics, LLC is a privately held, U.S. based oil refining and production technology company. Petrosonics' patented products and services utilize high power ultrasound energy in order to reduce sulfur, nitrogen, and trace metals in refinery intermediates and product streams. Intermediates and product streams receiving the Petrosonics treatment show reductions in oil density and viscosity, reduced hydrogen use/loss, and increases in API specific gravity and volume. The proprietary Petrosonics technology has additional application in treating and/or pretreating sour crude oils. Petrosonics was formed in 2001 by Mark Cullen, M.D. Dr. Cullen was previously the President and CEO of SulphCo. Today, Petrosonics has acquired and continues to expand its patent portfolio for all of the significant intellectual property associated with ultrasound assisted oxidative desulphurization of oil fractions and the upgrade and desulphurization of crude oil.

About Axial Vector Energy Corporation

Axial Vector Energy Corporation (AVEC) is a global solutions provider that owns, develops, invest in and licenses revolutionary technologies including, internal combustion engine and electric power generator technologies that have unlimited potential in military, industrial and commercial applications. AVEC and its partners are positioned to become unrivalled leaders in international engine and energy markets with technologies that produce more efficient, cost effective, environmentally sensitive and versatile solutions for use in a wide variety of important applications around the world.

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