Environmental Oil acquires Oakland, CA-based Artesian Oil Recovery with annual collections of 2 million gallons of waste oil
Environmental Oil's new 30-megawatt power plant will be the first phase of a major new regional waste oil reprocessing plant. The plant is under development and is estimated to be on-line in September 2001. The second phase of the Company's Nevada project will be construction of a major waste fuels reprocessing plant. The reprocessing plant will be constructed over a one-year period. Both facilities will be built and operated on a Company owned 20-acre site at the Tahoe Reno Industrial Center.
Mr. N. Tod Tripple, President of Environmental Oil stated, "We're building the power plant first so we can bring desperately needed electric energy into northern Nevada. This power plant is our Company's highest priority and we're moving forward aggressively on all fronts."
Mr. Tripple continued, "I am pleased to be in a position to help northern Nevada during this regional energy crisis. Sierra Pacific's team has worked tirelessly to help us get this power plant project up and going to the benefit of their customers."
The Company has filed for all the government regulatory permits required for this first stage of the overall project. Because electric power generation turbines are hard to acquire during the region's energy crisis, Environmental Oil has prepaid the majority of the cost for the plant's turbines to ensure that they will be delivered on schedule.
Environmental Oil's second phase project fits into its primary area of operation. The Company collects used oil from automotive and industrial users, then reprocess those used oil products into useable fuels. The Company's processes consume nearly 100 percent of all superfluous materials separated during the reprocessing operation, fully recycling the used oils into commercially reusable petroleum products: diesel fuel, naphtha (gasoline), and residuum burner fuel. The fuels are then used to generate electrical power.
Environmental Oil will employ 28 people in the development and construction of the two projects. Once fully completed, the generation and refining plants will employ over 45 people with an annual payroll of $2,000,000.
Mr. Tripple commented, "Environmental Oil brings more than economic development benefits to Nevada. Every urban environment in America is threatened by pollution created from petroleum waste materials. Every day these waste oils get dumped into local sewer systems, and eventually end up in our water tables. Our reprocessing system properly disposes of old, used oils while producing only negligible levels of air emissions. We preserve the environment, recycle waste fuels into high quality, refined petroleum products, and generate electricity all at the same time."
On May 14, 2001, Environmental Oil acquired all of the outstanding stock of Artesian Oil Recovery, Inc. of Oakland, California for $485,000. The company is a fully "permitted" used oil transfer facility that collects used oil, oily water, antifreeze and other related materials for recycling. Historically, Artesian has been collecting approximately 2,000,000 gallons of used oil annually.
Mr. Tripple commented, "This acquisition is in direct line with Environmental Oil's strategic marketing plan, and is located in a prime location for providing feed oil to the Reno Project used oil refineries and power generating turbines, especially considering the limited number of "permitted" facilities in Northern California.
ENVIRONMENTAL OIL PROCESSING TECHNOLOGY CORPORATION, with its headquarters in Nampa, Idaho, has developed a process and facilities, which virtually minimizes waste oil disposal, as it is known today. Their plant utilizes proven technology to convert waste oil into environmentally friendly products such as naphtha (gasoline), #2 diesel, electrical power, residuum burner fuel and cogeneration.
For more information please visit our website at http://www.environmentaloil.com.
Source: Environmental Oil Processing Technology Corporation
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