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This past June the United States Joint Economic Committee published thier finding on the Oil Sands of Canada in a Study. In this study the Committee noted the development of the oil sands will undermine the OPEC oil cartel in coming years.
Lexington Energy Services finds itself supplying the cutting edge technology that makes exploration and production from the oil sands of Western Canada commercially feasible.
The Committee concluded strong economic incentives would exist, even with oil prices at half the current level, to ramp up oil sands production and more than double output in ten years.
Jim Saxton, the chairman noted: “The large Canadian reserves of unconventional oil and their rapid development are very good news for consumers in the U.S. and around the world.” Saxton continued, “While these reserves can supply only a limited amount of oil at the current time, their development is exactly the kind of thing the OPEC cartel has hoped to avoid.
“OPEC pricing policy for many years has sought to extract the maximum profit from oil consumers without providing enough incentive to trigger the development of costly energy alternatives. However, OPEC’s production quotas and failure to invest in expanded capacity have severely limited the conventional oil supply in the face of an unexpected increase in Asian demand. Concerns about Iran and terrorism have only exacerbated the situation. The result is sky-high oil prices and every economic incentive to develop alternative energy sources.
“The Canadian oil sands will be an increasingly important factor in the world energy market in coming years. These reserves are immense and their potential output is very significant for the future energy balance. The oil sands will not solve the energy problem, but they will help to undermine OPEC’s power to increase oil prices and will thereby enhance U.S. energy security,” Saxton concluded.
Lexington Energy Services will continue to be a provider of the very technology that make the oil sands a viable alternative for U.S. oil and gas consumption.
For a copy of the JEC study, Canadian Oil Sands: A New Force in the World Oil Market , See: www.house.gov/jec
http://wwws.house.gov/search97cgi/s97_cgi/index.jsp?filter=comm_srch_flt.hts&ViewTemplate=commview.hts&Action=FilterSearch&SourceQueryText=vdkvgwkey%20%3Csubstring%3E%20%22/jec/%22&QueryText=canadian%20oil%20sands&Collection=comms&ResultCount=10&SearchPage=/CommSrch.html&ResultTemplate=commresult.hts
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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