Stock Guru LXES Profile
“Luck is what happens when preparation meets opportunity.” Seneca
Stock Guru was able to view the new portable nitrogen generation system designed by Lexington. It is an impressive piece of equipment that fits inside a full size trailer.
One of the oil industry’s main uses for nitrogen is “sour” oil and gas. Alberta is home to almost 80 per cent of Canada’s vast natural gas reserves and fully one-third of it is “sour” – it contains hydrogen sulfide. The gas present in crude oil can also be sour.
Nitrogen is used to displace oxygen in sour oil or gas wells to prevent corrosion of the well bore and other down-hole equipment, greatly extending the life of oil field equipment. Removing the oxygen from these environments also eliminates the risk of causing a subsurface well-bore fire or surface explosion.
Lexington Energy’s new system extracts nitrogen from the air and purifies it to 98-99.5 per cent. Unlike some other designs that max out at 95 per cent, Lexington Energy’s system takes the next step and processes twice the volume of air to reach the critical minimum of 98 per cent pure nitrogen needed for many applications.
Lexington Energy’s portable nitrogen system can be easily transported to a site, generating a continuous supply of nitrogen on location without any of the additional costs or hazards associated with conventional liquid nitrogen systems.
Lexington Energy’s design can easily be adapted for a variety of offshore applications and this is a significant piece of information because that greatly expands Lexington’s potential market.
This unit provides a superior concept and application because the use of conventional liquid nitrogen systems is inefficient. It requires trucking thousands of gallons of liquid nitrogen from the point of production to a transfer station and then securing access to a field-pumping unit, which then has to travel to the actual location in the field where the nitrogen is required.
These problems are repeated on a greater scale offshore. There, nitrogen is required for the same applications, but the supply chain to and from the platforms and rigs is costly and cumbersome. Vast distances, bad weather, and even line-ups at filling stations are only some of the potential causes of interruptions in offshore nitrogen supply. In most remote parts of the world, liquid nitrogen is not available.
“On site generation is the only way to guarantee customers an uninterrupted supply of nitrogen on location,” Mr. Nimeck said. “And with our system’s simplicity, safety, and cost-effectiveness, there is no shortage of applications.”
Lexingotn units extract the nitrogen from the air and purify it from its original 78 all the way to 98-99.5 per cent purity. And, unlike some other designs that top out at 95 per cent purity, the Lexingotn system takes the next step and processes twice the volume of air to reach the critical minimum of 98 per cent pure nitrogen needed for many applications.
A demonstration of this new unit is scheduled soon.
Stay Tuned: Video and details!
Source: Lexington Energy Services CONTACT: Lexington Energy Services Inc., Mark Procknow, Investor Relations, Calgary, 1-877-279-4550
About Lexington Energy Services Inc.: Lexington Energy Services Inc. manufactures and leases innovatively designed oilfield service equipment. Through their wholly owned subsidiary, Lexcore Services Inc., we also provide a range of drilling services to meet the growing needs of the oil and gas industry, including Alberta’s oil sands.
Forward-Looking Statements: Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements. Actual results may differ materially from those described in forward-looking statements and are subject to risks and uncertainties. See Lexington’s filings with the Securities and Exchange Commission which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements.
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