ProSep Inc.
TSX : PRP

ProSep Inc.

February 03, 2011 08:01 ET

ProSep Awarded $9 Million Gas Treatment Contract

MONTREAL, QUEBEC--(Marketwire - Feb. 3, 2011) - ProSep Inc. (TSX:PRP), dedicated to providing process solutions to the oil and gas industry, announces it was awarded a $9 million contract to provide an additional gas membrane system to a large independent North-American customer. This new system is designed to treat higher gas volumes and inlet CO2 content. Delivery is scheduled mid-2011.

"The increased activity in 2010 now translates into a growing backlog, said Jacques L. Drouin, President & CEO. With additional high quality human resources, a portfolio of state-of-the-art solutions, a strong partner in South Korea and a growing market, we are thrilled about our ongoing activities and growth prospects."

Natural gas volumes and CO2 inlet concentrations can be difficult to predict and may vary over time. The modularity of ProSep's gas membrane technology allows producers to quickly expand their gas treatment capacity, while reducing opportunity costs associated with reduced oil and gas production. ProSep's membrane technology is also an environmental friendly, cost-effective alternative to solvent-based treatment systems used for gas conditioning and enhanced oil recovery operations. This specific system is designed to provide treatment capacity of approximately 350 MMscfd of natural gas down to pipeline specifications of less than 3% CO2."

About ProSep Inc.

ProSep Inc. 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.prosepinc.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

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