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E.G.L. RESOURCES WINS OIL SHALE LEASE
Dateline: January 10, 2007 ... Glenwood Springs, CO
Contact Name: R Glenn Vawter
Contact Phone: (970) 945-2423
E-mail: glenn@eglresources.com
Web Address: http://www.egloilshale.com
GLENWOOD SPRINGS, CO - January 10, 2007 - E.G.L. Resources, Inc. (EGL)
and the Bureau of Land Management have entered into a 160-acre Oil
Shale Research, Development and Demonstration (R,D&D) lease in Rio
Blanco County, CO. The ten year lease affords EGL the opportunity to
demonstrate its innovative oil shale technology in the field. Upon
this demonstration, the economic and environmental viability of EGL's
technology will enable them to expand their lease to 5,120 acres for
commercial development and to produce shale oil in commercial
quantities. EGL is among four of the twenty firms that remain, who
originally proposed their technology and development plans to BLM.
Oil shale is a mineral that contains a solid hydrocarbon that requires
heating to high temperatures to produce oil and gas. It is similar to
the oil sands in Alberta, Canada where a partnership between
government and business has resulted in a one million barrel per day
industry. The resources of oil shale in Colorado are immense and
rival the oil reserves in the Middle East. An acre of ground on EGL's
lease contains about two million barrels of shale oil resource, of
which, about 60 percent is estimated to be recoverable with the EGL
Oil Shale Process.* Past efforts to commercialize oil shale in
Colorado were based upon mining and surface processing methods and
failed for a number of technical, economic and environmental reasons.
EGL's approach is to recover the shale oil underground, without
mining, by using modern oil and gas drilling as well as completion and
recovery technologies not available to earlier developers.
In the last several months, an Environmental Assessment for the
project was conducted by BLM, during which, public meetings were held
in the Colorado communities of Rifle, Meeker, Rangely and Grand
Junction. Site Characterization activities are currently projected to
begin in the field in 2007/2008. In the interim, research and
planning will be continued to optimize conditions for the field test.
EGL invites input from all interested parties and will be a good
steward of the land.
About E.G.L. Resources, Inc.
EGL is a privately owned, independent oil company with operations in
the southwestern US. E.G.L. Oil Shale, LLC is the wholly owned
subsidiary overseeing oil shale operations in Western Colorado. Their
goal is to develop technology that can lead to producing shale oil on
a commercially viable and environmentally sustainable basis.
*Patent application pending for the EGL Oil Shale Process
For more information, please contact:
R Glenn Vawter, E.G.L Oil Shale, LLC
2700 Gilstrap Court, Suite 301
Glenwood Springs, CO 81601
Phone: (970) 945-2423
E-mail: glenn@eglresources.com
Web Site: http://www.egloilshale.com
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