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IST awarded First Enhanced Oil Recovery contract in Alberta oilsands

Aug 13, 2008

Toronto, Ontario – August 13, 2008: Aecon Group Inc. (TSX: ARE) today announced that its wholly-owned subsidiary, Innovative Steam Technologies (IST), has been awarded a contract to supply its Enhanced Oil Recovery (EOR) /Steam Assisted Gravity Drainage (SAGD) system to Serrano Energy in Alberta.

Under the terms of the contract, IST will design and supply one 50mmBtu/hr Steam Assisted Gravity Drainage boiler for an enhanced oil recovery application in Northern Alberta’s oilsands. The unit enables the production of 1100 barrels of oil per day.  The unit is scheduled to be delivered in March of 2009.

 

“We are very excited about this project award, which is IST’s first EOR/SAGD project in Alberta, and the first full-scale new build EOR unit,” said Bob Dautovich, President of IST. “The EOR system is an important strategic product for us and this sale highlights our ability to respond to this significant and growing market.”

IST will be working with Equinox Engineering Ltd. as the purchaser of equipment and engineer on the project for delivery to Serrano Energy. The units will be entirely fabricated in IST’s Cambridge, Ontario location and then transported to the Alberta site.

Innovative Steam Technologies is the world leader in the design and fabrication of once-through-steam-generators and is a wholly owned division of Aecon Group Inc.

Aecon Group Inc. is Canada's largest publicly traded construction and infrastructure development company. Aecon and its subsidiaries provide services to private and public sector clients throughout Canada and internationally. Aecon is pleased to be recognized as one of the 50 Best Employers in Canada as published by Report on Business Magazine.