Noble Hydrocarbons Alta Ltd. ("NHA"): Technology Licence Agreement Amendment
03 Settembre 2008 - 2:23AM
Marketwired
Noble Metal Group Incorporated (TSX VENTURE: NMG) -
Noble Hydrocarbons Alta Ltd. on April 3, 2007 entered into a
Technology License Agreement with Global Resource Holdings L.P.
Infinity Petroleum, LLC and Dragon Keystone, LLC of Irving, Texas
now located at Frisco, Texas. This Technology Agreement originally
entered into on April 3, 2007 provided NHA with the exclusive right
to use technologies known as Insitu Hycraft for all of Canada and
Cracking Hycraft on NHA's properties in Canada for a period of 10
years. The technologies are useful in the cracking and lightening
of complex hydrocarbons that exist in conventional oil, heavy oil,
and oil sand formations to the equivalent of light intermediate
crude.
Under the original agreement Noble Hydrocarbons Alta Ltd. paid
US$500,000 for the acquisition of the licences, and NHA received a
5% ownership interest in Dragon Keystone, LLC, the owner of the
Insitu Hycraft Technology. Under the agreement NHA was required to
pay a royalty for each barrel of oil produced using either
technology. On successful demonstration of the cracking technology
process, NHA had the option to requisition a processing unit with a
minimum capacity of 500 barrels per day at a cost of US$500,000.
Upon completion of this processing plant NHA would be vested with a
5% ownership interest in Infinity Petroleum, LLC ("Infinity") the
owner of the Cracking Hycraft Technology.
Second Amended Technology License Agreement/August 2008
As a result of significant technological advancements made to
the Cracking Hycraft process, the participating companies have
agreed to further modifications of the Original Technology Licence
Agreement. The parties have agreed to develop the Cracking Hycraft
technology through new entities incorporated in the United States
and Canada jointly owned by Infinity and NHA. The royalty for use
of the Cracking Hycraft technology has been eliminated. The term of
the agreement has been extended to 25 years or the life of the
patent (whichever is longer) for each Cracking Hycraft processing
plant constructed under the agreement. The term of any licence can
be renewed for an additional 25 year term.
The parties have agreed to construct a 1000 barrel per day
Cracking Hycraft processing plant in place of the 500 barrel per
day unit. This plant will also be used as a demonstration plant for
the extraction and lightening of complex hydrocarbons from
conventional oil, heavy oil, and oil sand formations to oil with an
API (American Petroleum Institute Standard) gravity equivalent of
light intermediate crude oil. After performing over 1000 tests of
the system on a wide variety of heavy oils from around the world
Global Resource Holdings, LP ("GRH") is now able to increase the
API of very heavy oils (8 - 10 API gravity) to very light oil (38
API gravity) at extraordinarily low energy input cost.
The advances which have been made by GRH to the Cracking
Technology maintain the low environmental footprint by the virtual
elimination of harmful emissions and no petroleum coking. The 1000
barrel per day plant will be sited in the United States. Once
completed and production commenced a second Cracking Hycraft plant
is planned for use in Canada.
The participating companies have formed joint entities in both
the United States and Canada with the joint entities licenced to
use the Cracking Hycraft process. The licence for the US joint
entity is limited to one location in the United States but that
plant is unlimited in terms of its capacity. Plant sizes are easy
to expand. In place of NHA holding a Cracking Hycraft Technology
Licence limited to NHA's properties, under the Second Amendment
Agreement the Cracking Hycraft technology licence granted to the
Canadian joint entity is for all of Canada.
The parties have incorporated in Texas, as the joint entity, GRN
HYCRAFT ENERGY SOLUTIONS, LLC. and have incorporated in Alberta, as
the joint entity, GRN HYCRAFT ENERGY SOLUTIONS LTD. The directors
of both companies are John McIntyre, Lance Lankford, Dorothy Dennis
and Brian Clark. The joint entities are adding to each of their
boards one other director. The companies are 50% owned and
controlled by Infinity and NHA and will be managed and operated by
equal numbers of representatives from those companies.
From the date of the Second Amendment Agreement, GRH is vested
with an option to purchase one million shares of NMG at a price of
CDN $1.00 per common share. GRH also has the option to purchase a
further one million shares of NMG at a price of CDN $2.00 per
common share upon completion of the 1000 barrel a day Processing
Plant or the successful demonstration for the Insitu Hycraft
process to extract hydrocarbons in actual field
testing/operations.
Further to the above GRH is also granted the option to purchase
an additional one million shares of NMG at a price of CDN $3.00 per
common share upon completing any conditions that may remain after
exercising the CDN $2.00 option.
The total cost of the processing plant is US$4,000,000 of which
NHA will pay one-half or US$2,000,000 over the course of the coming
year. Upon receipt in full by GRH, NHA shall own five percent (5%)
ownership interest in Infinity Petroleum, LLC.
The parties are in the process of selecting a suitable location
for the 1000 barrel a day plant with the capacity for expansion to
10,000 barrels and up to 100,000 barrels per day. The initial
processing plant will be owned by the US joint entity, GRN Hycraft
Energy Solutions, LLC.
ON BEHALF OF THE BOARD OF DIRECTORS
NOBLE METAL GROUP INCORPORATED
JJ McIntyre, President
Should you wish to receive our news releases via e-mail please
contact us at nobleinc@telus.net.
For statements of historical fact relating to the Company, this
news release contains certain "forward-looking information" within
the meaning of applicable securities law. "Forward-looking
information" is frequently characterized by words such as "plan",
"expect", "project", "intend", "believe", "anticipate", "estimate",
and other similar words, or statements that certain events "may",
"will", or "could" occur. There are uncertainties inherent in
forward-looking information including factors beyond the company's
control, and no assurance can be given that the programs will be
completed on time, on budget or at all. The reader is cautioned not
to place undue reliance on forward-looking statements.
The TSX Venture Exchange has neither approved nor disapproved
the contents of this news release.
Contacts: Noble Metal Group Incorporated John J. McIntyre
President (604) 683-9338 (604) 683-9293 (FAX) Email:
nobleinc@telus.net
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