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Divestco, Bird River arrange cogeneration JV

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2018-03-26 07:24 ET – News Release

See News Release (C-DVT) Divestco Inc

Mr. Stephen Popadynetz of Divestco reports

DIVESTCO AND BIRD RIVER RESOURCES ANNOUNCE COGENERATION JOINT VENTURE TO GENERATE LOW-COST ELECTRICITY

Divestco Inc. and Bird River Resources Inc. have set up a cogeneration joint venture 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 three 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 are expected to take four to five 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 centre. 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-per-cent ownership in the completed project.

Stephen Popadynetz, chief executive officer and president of Divestco, commented, “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, commented, “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 service 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 offer 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.

About Bird River Resources Inc.

Bird River Resources, based in Winnipeg, Man., is a diversified resource company which recently announced its expansion into the Alberta oil patch by way of the acquisition of High Point Oil Inc., which is now a wholly owned subsidiary. Bird River also holds minority interests in 10 producing oil and gas wells in southwestern Manitoba. Bird River is currently conducting research on the application of blockchain software specifically designed for the oil and gas industry.

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