HENDERSON, Nev., Sept. 29, 2009 (GLOBE NEWSWIRE) -- Rival Technologies Inc. (OTCBB:RVTI) is now in discussions with a large, privately held, United States based heavy oil producer/refiner/pipeline company, regarding the use of the TRU process technology.
Technical due diligence has commenced and will be completed in the next month. "This would be an ideal partner for us, as they are involved in all aspects of heavy oil applicable to the TRU process technology," stated Doug Thomas, President of Rival Technologies Inc.
The next step would include construction of a continuous feed pilot plant using the TRU process technology and this oil producer's feed stock. Results from this phase would move the project forward to commercial production.
Rival has three additional oil producers in discussions for a similar arrangement, as well as also taking steps to fund and build its own pilot plant.
Total oil resources worldwide are estimated at roughly 9 to 13 trillion barrels, of which 30% are conventional. Oil sands, heavy oil and bitumen make up the remaining unconventional 70%. Before moving from the field to the refinery, unconventional resources will need to be upgraded and represent the prime market for the TRU process technology.
'Douglas B. Thomas' President & CEO Rival Technologies Inc.
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