Capital Reserve Canada Ltd. (OTCBB:CRSVF) (“The Company”) its Chairman, Mr. Donald R. Getty and its CEO and President Mr. Steve Claussen announced today it has launched a comprehensive development examination into its Two Hills Environmental Ltd asset in Two Hills Alberta.
Two Hills Environmental Ltd, a wholly-owned subsidiary of Capital Reserve Canada Ltd, is ideally located half way between Edmonton, Alberta and Fort McMurray, Alberta adjacent to highway 36 on the south side of the North Saskatchewan River. In 2006 the company acquired Mineral Rights to approximately 2500 acres of land adjacent to and surrounding its property near Two Hills, Alberta. The site also contains a high-volume water pumping facility with an invaluable water diversion permit.
The plant previously operated as a chemical manufacturing facility, will continue to the second and final phase of redevelopment. Once completed the company has proposed the creation of up to 250 Salt Caverns to be used in the storage of CO2. The project also includes the proposal to drill two disposal wells into the Nisku Fault.
“The oilsands produce large quantities of CO2 emissions and the proposed infrastructure development will provide a safe, long term storage solution for substantially reducing the environmental impact associated in the mining process of bitumen,” stated Mr. Claussen. “We are pleased to be on the solution end of this environmental challenge and look forward to working together with other industry partners and Government to help meet these obligations for all Albertans,” said Mr. Claussen.
The Company will propose the Development Plan for review with the County of Two Hills No.21 and Alberta Environment with the intent to begin building the infrastructure as soon as possible.
CRC is an oil and gas services company based in Edmonton, Alberta. Through their wholly owned subsidiary, KCP Innovative Services, Inc., the Company offers technologically advanced tools for use in four areas of the industry. The first aids in testing and development of newly found resources; another measures existing wells’ productivity and the third hastens well abandonment, ensuring compliance with regulatory emission guidelines. The fourth, through its proprietary hardware and software technologies, is used to determine the profitability of coal bed methane deposits, which may be developed and sold as natural gas. The Company has a second wholly owned subsidiary, Two Hills Environmental, to assist with the storage CO2 and provide underground storage for problem waste from oil & gas companies.
Cautionary Note Regarding Forward-Looking Statements
Statements in this press release regarding the company’s business that are not historical facts are “forward looking statements” that involve risks and uncertainties. The company wishes to caution readers not to place undue reliance on such forward-looking statements, which statements are made pursuant to the Private Securities Litigation Reform Act of 1994, and as such, speak only as of the date made. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including, but not limited to, those discussed in the Company’s latest 20-F dated June 21st, 2007.