SOURCE: IO Circuit

December 26, 2012 07:30 ET

New Technology Could Revolutionize Heavy Oil Upgrading

Note to Editors: The Following Is an Investment Opinion Issued by the IO Circuit

NEW YORK, NY--(Marketwire - Dec 26, 2012) - In Oil Sands Review new January issue, Art Agolli, CEO of Petrosonic Energy (OTCQB: PSON) describes his company's patented Sonoprocess, which uses clean-tech sonic energy to deasphalt heavy oil.

Agolli says he's confident the technology will work, since it has been thoroughly tested at Sonic Technology's Richmond, B.C., site. "[It] has been operating there for eight years on a batch basis," he says. "The only thing that is changing is this will be a continuous operation."

The sonic reactor is only about two metres long and about half a metre wide, and can reportedly be easily duplicated and modularized. The company is looking at increasing the size of the chambers, which would allow for larger volumes to be processed.

Petrosonic plans to raise $15 million to $20 million in the next several months to advance the technology. The company wants to either license the technology to producers or seek joint ventures. "We would possibly also acquire some of our own producing assets [in Canada]," Agolli says.

Other active stocks are BP (NYSE: BP), Talisman Energy (NYSE: TLM) and Suncor Energy (NYSE: SU)

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