Perseus and Greyrock Announce Joint Venture to Monetize Flare Gas in Mexico

SACRAMENTO, Calif., May 31, 2016 /PRNewswire/ -- Compañia Petrolera Perseus S.A. de C.V. (Perseus) , an independent Mexican oil and gas exploration and production company, and Greyrock Energy, Inc., a leader in small scale gas-to-liquids (acting through its subsidiary Greyrock Equity Partners, LLC), are collaborating to provide solutions for the flaring of natural gas in Mexico using Greyrock's Flare-to-Fuels™ systems.

"Flare gas" is produced during the production of crude oil and is often flared (or burned) due to lack of pipeline and processing infrastructure.  Flare gas produces CO2, NOx, black carbon, and other pollutants.   Improperly operated flares can also vent substantial amounts of methane, which, according the EPA, is a greenhouse gas 25 times more potent than CO2.  

Earlier this year, Greyrock announced its Flare-to-Fuels^TM system for the reduction or elimination of routine gas flaring.  Using Greyrock's Direct Fuel Production™ technology, Flare-to-Fuels™ systems are designed to convert flare or vented gas into clean transportation fuels.

Perseus was founded in 2015 to pursue oil and gas exploration and production and to perform other related energy businesses primarily in Mexico.  "Greyrock's proprietary Flare-to-Fuels™ platform provides an opportunity to simultaneously address an important environmental issue for Mexico and produce cleaner, high quality transportation fuels." said Tomas Milmo Santos, Perseus' Chairman.

"Greyrock is excited to be partnering with Perseus to work on Flare Gas projects in Mexico and sees this as a significant opportunity to take flares out of service while producing  premium fuels." said Robert Schuetzle, CEO of Greyrock Energy.

The World Bank estimates that approximately 140 billion cubic meters (~5 trillion cubic feet) of natural gas is flared annually resulting in the emission of more than 300 million tons of CO2 to the atmosphere.  If this same amount of flared gas  was converted to clean fuel, it  would result in the production of more than 18 billion gallons per year.  Mexico is one of the top 20 flare gas volume countries in the world.

About Greyrock
Greyrock has developed its state of the art  Direct Fuel Production™ technology, enabling production of clean liquid fuels from a variety of gas resources, including flare gas, bio-gas, natural gas, and natural gas liquids.  Greyrock systems enable customers to solve key environmental and energy challenges.  For more information, please visit http://www.greyrock.com.    http://www.FlaretoFuels.com 

About Perseus
Perseus was formed in early 2015 to position itself as a leading energy company in Mexico by investing in oil and gas production opportunties and deploying best available technologies to address the energy needs of Mexico.  Perseus participated in the Bid Round 1.3, winning two blocks which place Perseus as  having the largest reserve volumes of Original Oil in Place of all the independant producers in Mexico.  Perseus also has an exclusive agreement with Flotek covering their proprietary Complex Nano Fluids (CNF) for well remediation / stimulation and advanced completions. 

CONTACT: 1-916-504-5222

SOURCE Greyrock Energy, Inc.

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