Capital Reserve Canada Ltd. (OTCBB:CRSVF) (“The Company”) Chairman, Mr. Donald R. Getty and CEO and President Mr. Steve Claussen announced today the completion of the development strategy of its Two Hills Environmental Ltd site in Two Hills Alberta and in addition, the appointment of Mark Glaser to the Board of Directors.
The Two Hills site is ideally located halfway between Edmonton, Alberta and Fort McMurray, Alberta. In 2006, the Company acquired mineral rights to approximately 2,000 acres of adjacent land. The site also contains a high-volume water pumping facility with an invaluable water diversion permit.
The Board of Directors has approved the development strategy of the Two Hills Environmental site and expects moving forward this spring to begin the construction of 250 salt caverns and the infrastructure to support the storage capacity of up to 125 million tons of CO2. This has the potential to be the largest project of its kind in North America. This phase of development will be completed over a four year period. The process of filling of caverns may begin at the two year mark.
“The approved infrastructure development will provide a safe storage solution for substantially reducing the environmental impact of CO2 associated with the mining process of bitumen including CO2 produced from the tar sands at Fort McMurray. In addition, we are evaluating a number of new technology opportunities for consuming CO2. This will also allow storage capacities to be reused year after year,” stated Mr. Claussen. “The industry certainly has environmental obligations and the Two Hills Environmental project will help ensure Alberta meets these obligations in short order and for the long term,” said Mr. Claussen.
Capital Reserve Canada Ltd would also like to welcome Mr. Mark Glaser P. Eng. to the Board of Directors. Mr. Glaser is a Professional Engineer with 25 years of oil and gas industry experience. He is currently the Vice President and COO of Newcast Energy Corp, a private oil and gas company with operations in Alberta. Mr. Glaser was previously the COO of Enco Gas, Ltd., a private oil and gas company. He managed the company for over five years until it was sold in March 2007. Prior to joining Enco, Mark was the Exploitation Manager of Calpine Canada which experienced dramatic growth mainly through acquisitions. From 1986 to 1999, Mark was employed at Poco Petroleums Ltd. in various positions and finished as Senior Exploitation Engineer working areas from Saskatchewan to Edson. Mark’s strengths are exemplified by his extensive broad experience in the oil and gas industry which he plans to apply to deliver results to the shareholders of Capital Reserve Canada Ltd. by exploring, identifying, investing in and executing strategies to fully explore asset potential.
The Company has also accepted the resignation of Ken Pearson from the Board of Directors. Mr. Pearson will remain the President and CEO of KCP Innovative Services Ltd a wholly-owned subsidiary of Capital Reserve Canada Ltd. The Company would like to thank Mr. Pearson for his contributions to the Board.
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 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.