Poly-Pacific International Inc. is a company engaged in eco-friendly solutions for soil remediation. The company today announced a joint venture with CREEnergy Oil and Gas Inc., in which both companies will emerge with equal ownership of newly formed Poly Cree Remediation (PCR), a company created for soil remediation on abandoned oil and gas wells.
“The reclamation and restoration of abandoned oil and gas drill sites is an excellent addition to the company’s mission of being an innovator of eco-friendly solutions to industrial waste by-products,” Randy Hayward, president of Poly-Pacific stated in the press release. “We look forward to a close working relationship with CREEnergy and view this as a substantial opportunity to create value for our respective shareholders.”
Per the joint-venture agreement, CREEnergy will acquire the remediation contracts and Poly-Pacific will coordinate with qualified sub-contractors to provide necessary expertise to PCR to complete the restoration project.
PCR will perform site restoration on 1,800 orphaned oil and gas wells situated in central and northern Alberta on three First Nations lands spread across approximately 207,000 acres. David Calahasen, president of CREEnergy said the joint venture will allow the companies to take advantage of the opportunities for eco-friendly solutions while generating capital.
“The goal of this Joint Venture is to utilize the synergies between our two companies.” Calahasen, stated. “Management of both companies want to move forward as early as possible to begin the cleanup of the enormous amount of abandoned contaminated oil and gas sites on First Nations and traditional use lands in Alberta. Together we have an excellent opportunity to complete the much needed environmental remediation on this land, while at the same time create a profitable business through this Joint Venture.”
Poly-Pacific also announced that it plans to continue with a non-brokered private placement of up to 33, 333,333 common shares at $0.03 per common shares, reflecting $1 million in proceeds, which will be used for costs associated with the startup of Poly Cree and general working capital purposes.