Canadian Oil

[kraftdinner]

Winfield reaches supply deal with Libyan NOC


2007-05-11 15:34 MT - News Release

Mr. Robert Foley reports

MAY REVIEW

Winfield Resources Ltd. is releasing a May review.

Tripoli, Libya

Agreement in principle has been reached with the National Oil Company (NOC) of Libya to supply Winfield with 300,000 barrels of crude oil per day for Winfield's proposed new oil refinery in the port of Zarzis, tax-free zone, Tunisia. Management of Winfield is to attend meetings later this month with the NOC to formalize the feedstock arrangement.

High-level Alberta ethanol-feedlot facility

Negotiations to finance the $30-million integrated ethanol-feedlot facility are continuing. Management anticipates a conclusion to full facility financing in the very near term. The high-level design is based on an earlier TDI Technology Inc. commission at Poundmaker, Sask., that has had returns of 25 per cent to 33 per cent per year for the previous 15 years.

Northern British Columbia ethanol facility

TDI Technology has identified two technologies for the conversion of biomass (cellulose) to ethanol. Both processes first gasify the biomass to produce syngas -- carbon monoxide, carbon dioxide and hydrogen. The syngas is then converted to ethanol in one of two processes. The first process used fermentation of the syngas to ethanol while the latter uses a high-pressure and temperature catalyst. Both processes are ready for the construction and operation of a demonstration plant, each requiring about $3-million to reach the commercialization stage.

Winfield's immediate intent is to reach a conditional agreement, leading to a technology use licence within the next month or so.

Winfield has engaged TDI Technology to secure the technology for Winfield's use, manage its interests in the process development work and prepare a feasibility study for a wood waste to ethanol facility in a Northern British Columbia location.

East Africa

Winfield's application for a non-refundable grant to finance a renewable sustainable fuel ethanol facility using indigenous feed stocks has been approved by the grant provider. Winfield now awaits the consent of the Rwandan government. This file is before the Rwandan authorities, is in process and going through Rwandan regulatory review. Winfield is seeking finance to build a 45-million-litre-per-year fuel ethanol facility. Existing facilities of this size or greater are currently in commercial production in Thailand.