CALGARY, Alberta, March 26, 2018 (GLOBE NEWSWIRE) — Divestco Inc. (TSX-V:DVT) (“Divestco”) and Bird River Resources Inc. (CSE:BDR) (“Bird River”) today announced a cogeneration joint venture (the “Cogen”) which will convert natural gas to electricity via a boiler-turbine at an industry low cost of 1.4 cents per kilowatt hour (based on current natural gas spot prices). Regulatory approvals are in place for the Cogen system to feed up to 3 megawatts of electricity into the power grid. The Cogen has secured a reliable, long-term gas supply through a privately owned natural gas producer. Construction and implementation of the project is expected to take 4-5 months.
As an initial end user, Divestco expects to enter into a long-term agreement to purchase electricity from the Cogen to power its computing center. With the move to more renewable energy sources and the transition away from coal fired generation in Alberta, electricity costs in the province are expected to trend up resulting in heavy electrical users potentially looking for more cost-efficient options. In addition to Divestco’s intense computing operations, the Cogen has identified and is pursuing numerous other opportunities for the excess power generated.
Under the proposed arrangement, Divestco will pay for one third and Bird River will pay for two thirds of the Cogen project costs with both parties having a 50% ownership in the completed project.
Stephen Popadynetz, CEO and President of Divestco comments, “This joint development will allow Divestco to substantially increase its compute power for its regular operations with a highly cost-effective energy solution and an insulation against possible future power pricing spikes.”
Ty Pfeifer, Director of Bird River comments, “This arrangement will not only generate additional revenues for Bird River, it will also provide an additional way of monetizing and leveraging the abundant opportunities available in the depressed natural gas environment in Alberta.”
About Divestco Inc.
Divestco is an exploration services company that provides a comprehensive and integrated portfolio of data, software, and services to the oil and gas industry. Through continued commitment to align and bundle products and services to generate value for customers, Divestco is creating an unparalleled set of integrated solutions and unique benefits for the marketplace. Divestco’s breadth of data, software and services offers customers the ability to access and analyze the information required to make business decisions and to optimize their success in the upstream oil and gas industry. Divestco is headquartered in Calgary, Alberta, Canada and trades on the TSX Venture Exchange under the symbol “DVT”.
Additional information on the Company is available on its website at Divestco.com and on SEDAR at sedar.com.
About Bird River Resources Inc.
Bird River is engaged in two verticals within the energy sector. The first, managed under its recent acquisition of High Point Oil Inc. is the acquisition, exploration and development of petroleum and natural gas in the Western Canadian Basin. High Point has an inventory of high impact, multi-zone, light oil drilling opportunities in central Alberta. The second vertical is the application of technologies such as Cogen, and blockchain to identified opportunities within the energy and technology sectors. Bird River is headquartered in Winnipeg and Calgary and trades on the CSE Exchange under the symbol “BDR”. Additional information on the Bird River is available on its websites at birdriverreources.com and highpointoil.net and on SEDAR at sedar.com.
For information, contact:
Divestco Inc. (divestco.com)
Mr. Stephen Popadynetz
CEO and President
Tel 587-952-8152
spopadynetz@divestco.com
Mr. Danny Chiarastella
Chief Financial Officer
Tel 587-952-8027
dchiarastella@divestco.com
Bird River Resources Inc. (birdriverresources.com)
Mr. Ty Pfeifer
Director (CEO, Highpoint Oil)
ty@highpointoil.net
Mr. Howard Blacker
CFO, Highpoint Oil
howard@highpointoil.net