HENDERSON, Nev., Nov. 16, 2009 (GLOBE NEWSWIRE) -- Rival Technologies Inc. (OTCBB:RVTI) is pleased to announce that through our Colombian business partner, we are working towards commercialization of our proprietary heavy oil upgrading process with the largest Colombian oil company, Ecopetrol (USD $54 billion market cap.).
Previously announced technical due diligence completed by Ecopetrol has moved discussions towards completing a contractual arrangement for the purchase of a continuous feed pilot plant utilizing the TRU(R) technology. The contract will put the TRU(R) process at the forefront of an initiative to achieve increased production goals. Negotiations are expected to conclude with a contractual agreement soon.
Total oil resources worldwide are estimated at roughly 9 to 13 trillion barrels, of which 70 percent are oil sands, heavy oil and bitumen. Before moving from the field to the refinery these resources will need to be upgraded and represent the prime market for Rival's technology.
'Douglas B. Thomas' President & CEO Rival Technologies Inc.
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