Drayton Richdale Corp. Subsidiary PetroStrata Corp. Executes Joint Venture Agreement to Construct & Operate Shale Oil Extraction
July 05 2011 - 8:30AM
Marketwired
Drayton Richdale Corporation (PINKSHEETS: DRYN) wholly owned
subsidiary, PetroStrata Corporation, executed a joint venture
agreement with a major coal producer forming the CEMA Energy Group
to build and operate a Shale Oil Extraction Plant near Rock
Springs, Wyoming, and a Coal Oil Extraction Facility in Illinois.
PetroStrata will utilize its proprietary and environmentally
conscientious PetroMicronic Reactor™ at both locations to extract
crude oil and coal oil, respectively. Combined development cost of
both plants is $60 Million. The completed plant in Rock Springs is
expected to produce 4800 bbl/day of crude oil. At $82/bbl, the
plant is expected to generate over $81 million of annual net
revenues. The Illinois facility is projected to produce 5700
bbl/day of coal oil with annual net revenues over $107 million. The
extraction plants are scheduled to be operating at full capacity
within 24-30 months from ground breaking. The contractual supply of
coal/ore inventory and hard assets prior to and after the joint
venture has increased the Drayton Richdale Corp. net worth to
exceed $320 million.
Certain statements in this press release constitute
"forward-looking statements" within the meaning of the United
States Securities Legislation. The Company's actual results could
differ from those in the forward-looking statements. Do not
construe this information as investment advice. This is not a
solicitation to buy or sell securities. This does not purport to be
a complete analysis of the Company. Investing in securities is
speculative and carries a high degree of risk. Past performance
does not guarantee future results. Readers should consult their own
advisors. Information contained in this press release should be
independently investigated. These remarks involve risks and
uncertainties. Risks are not limited to quarterly fluctuations in
results or the company's management of growth and competition.
Other risks are detailed in the Company's SEC filings. Actual
results may differ materially from such information set forth
herein.
For information call: Dayna Howell Drayton Richdale Corporation
888/ 303-2806 702/ 726-2152 e-mail: Email Contact
Drayton Richdale (CE) (USOTC:DRYN)
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