LAS VEGAS - Rival Technologies Inc. announced in a press release that its subsidiary TRU Oiltech is working to complete a US patent application for its proprietary heavy oil and oil sands upgrading technology.
The company is conducting tests to create a complete mass balance of all gas, liquid and solid outputs from the processing of oil sand bitumen with the company’s proprietary additive. This information will be used to complete the patent application. The company has received expressions of interest from a number of oil producers. The patent application is required for detailed discussions to proceed with these potential partners.
TRU Oiltech has developed a new bitumen/heavy oil upgrading process. The process takes a heavy oil feedstock, adds a proprietary reagent, and transforms the feedstock into medium crude. Effectively, the process eliminates significant costs relating to refining heavy oil and oil sand bitumen. The company’s strategy is to license the process to Tier 1 producers in exchange for a capacity license fee and royalty payments.
Rival Technologies is made up of seasoned entrepreneurs in the engineering, marketing and management background.
