ProSep Inc.
TSX : PRP

ProSep Inc.

February 14, 2011 08:02 ET

ProSep Awarded $5.5 Million Gas Treatment Contract

MONTREAL, QUEBEC--(Marketwire - Feb. 14, 2011) -  ProSep Inc. (TSX:PRP) ("ProSep" or "the Company"), dedicated to providing process solutions to the oil and gas industry, announces it was awarded a $5.5 million contract to provide a gas dehydration system to a super major international oil and gas producer operating in the South China Sea. This system will be installed on an offshore field being redeveloped using enhanced oil recovery ("EOR") technology to extend its production life. Delivery is scheduled for the first quarter of 2012.

"This contract with a new client represents our largest system sold to date in South-East-Asia. We continue to see strong demand from the region where many natural gas fields are being developed, said Jacques L. Drouin, President & CEO."

Gas dehydration systems allow for the removal of water vapour from gas streams, preventing hydrate formation and reducing corrosion in pipeline transmission and gas injection applications. ProSep's gas dehydration systems using triethylene glycol (TEG) are designed and fabricated to site-specific requirements. They are compact, highly efficient, easy to operate and are environmentally-friendly, making them ideal for offshore installations.

About ProSep

ProSep is a technology-focused process solutions provider to the upstream oil and gas industry. ProSep designs, develops, manufactures and commercializes technologies to separate oil, water and gas generated by oil and gas production. For more information, please visit www.prosep.com.

Caution concerning forward-looking statements

This press release may contain forward-looking statements, including statements regarding the business and anticipated financial performance of ProSep Inc. These statements are based, among others, on the Company's current assumptions, expectations, estimates, objectives, plans and intentions regarding projected revenues and expenses, the economic and industry environments in which the Company operates or which could affect its activities, the Company's ability to attract new clients and consumers as well as its operating costs, raw materials and energy supplies which are subject to a number of risks and uncertainties. Forward-looking statements can generally be identified by the use of the conditional tense, the words "may", "should", "would", "believe", "plan", "expect", "intend", "anticipate", "estimate", "foresee", "objective" or "continue" or the negative of these terms or variations of them or words and expressions of similar nature. Actual results could differ materially from the conclusion, forecast or projection stated in such forward-looking information. These statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from those contemplated by the forward-looking statements. Some of the factors that could cause such differences include but are not limited to the Company's ability to develop, manufacture, and successfully commercialize value added equipments and services, the availability of funds and resources to continue its operations and pursue its projects, legislative or regulatory developments, competition, technological change, changes in government and economic policy, inflation and general economic conditions in geographic areas where ProSep Inc. operates. These and other factors should be considered carefully and undue reliance should not be placed on the forward-looking statements.

Contact Information

  • ProSep Inc.
    Investor and media contact:
    Danielle Ste-Marie
    VP Marketing and Communications
    514-522-5550 ext. 238
    dste-marie@prosepinc.com