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A new thermal recovery technology for heavy oil is being applied liberally in Western Canada by Elan Energy Inc. of Calgary, Alberta, and they're highly enthusiastic about the results.
In fact, the company attributes substantially improved nine-month financil results largely to successful application of the technology. What's more, Elan said that during the remainder of the year, it will concentrate on preparing projects for application of the new technology during next year's drilling season.
But there's even more. Elan also believes the new process will prove beneficial not only to heavy oil and tar sands oil extraction, but to recovery of other types of crude oil, particularly in depleting reservoirs.
Elan, which earlier this year acquired …