DENVER, June 25, 2015 (GLOBE NEWSWIRE) -- Blue Water Petroleum Corp. (BWPC) has signed a Letter of Intent with European company Viscos Energy Partners (VEP) to form a joint venture company called STO (Sludge to Oil) to operate VEP's patented mobile microwave system for the remediation and upgrading of crude oil sludge's in the USA. VEP will contribute new patents and licenses to BWPC contingent upon BWPC providing an initial funding of up to $2 million for the new entity, STO. STO will be owned 50-50 by BWPC and BWPC will recoup the initial funding from future revenues of STO. VEP will provide microwave equipment, training, field support and maintenance while BWPC will establish field operations starting in the Rocky Mountain region. VEP's microwave treatment liquefies, separates and upgrades crude oil sludges and creates a marketable product while substantially reducing hazardous environmental waste.
BWPC was founded in 2009 and is based in Centennial, Colorado and focuses on innovative oilfield technologies that add value to crude oil, and on acquisition, exploration and development of oil and gas properties. VEP is based in Limassol, Cyprus and develops microwave applications and other innovative technologies for the oil industry.
Source:Blue Water Petroleum Corp.