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Gen III Oil Corporation (“Gen III” or the “Company“) (TSX VENTURE:GIII) is pleased to announce that further to its press release dated February 28, 2017, it has completed its lease negotiations with Parkland Refining Ltd. (“Parkland“) , resulting in a long term twenty-year lease for a portion of its property in Bowden, Alberta (the “Lease“). Gen III intends to construct its new motor oil re-refinery on the existing process pads at Parkland’s Bowden facility.
The Lease relates to a portion of Parkland’s Bowden property that includes access to existing utilities, roads, storm water and settlement pond systems, storage tanks, and rail and truck handling facilities. The site location and existing infrastructure provide the Company with direct logistics access, significant capital cost savings, and an expedited path to market by virtue of developing an existing industrial property. In addition, Parkland will provide storage tankage and terminal services to Gen III on a fee for services basis.
The Company intends to commence construction of the Bowden re-refinery in the summer of 2018 with commissioning and startup of the facility planned for Q1 2019. The Company’s management is now actively engaged in seeking proposals from internationally recognized Engineering, Procurement and Construction (“EPC”) firms with the intent of contracting a guaranteed lump sum turnkey price for construction for its Bowden, Alberta re-refinery. In addition, the Company is pursuing the necessary permits for the decommissioning and new construction work.
Company CEO Greg Clarkes stated, “Execution of this lease has been of prime importance to Gen III and we are extremely pleased to be working together with Parkland, a world-renowned leader in the industry. Together with the recent FEED agreement signed with Stantec Consulting Ltd., the Company is making significant headway into moving forward with development of the facility.”
About Gen III Oil Corporation
Gen III Oil Corporation is an innovative oil processing company with the most advanced re-refining technology in the industry. The Company’s patented ReGen TM technology process combines proven refining technologies into a proprietary process that is able to extract a higher quantity of high quality base lubricating oils than traditional re-refineries, including greater than 50% Group III production of synthetic grade motor oil in a commercial scale re-refining operation. The Company currently holds 4 patents granted in North America and has several patent applications, patents pending or under review in strategic countries around the world. The Company’s first full-scale facility is currently under development in Bowden, Alberta, 100km north of Calgary, with targeted production commencing in Q1 of 2019. With a fully executed off-take marketing agreement in hand with Elbow River Marketing Ltd., a subsidiary of Parkland Fuel Corporation, the Company has in place agreements for the sale of all of its finished products when commercial production begins at its Bowden facility. The Bowden facility is being designed to process 2,800 bpd of used motor oil into a range of base stocks and related petroleum products. For more information about the Company, please visit www.geniiioil.com.
On Behalf of the Board of Gen III Oil Corporation
Chief Executive Officer
For further information contact Greg Clarkes at (604) 806-5275
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the control of Gen III Oil Corporation. Forward-looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company assumes no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.