Pacific Rim Energy Inc. (PRE) was an exhibitor at the World Petroleum Congress (WPC) in Calgary, Canada that just wrapped up a 4-day event. Many governments worldwide showed tremendous interest in what Pacific Rim is accomplishing in the fuel industry.
Pacific Rim Energy is one of the many featured companies slated to present at The Microcap Conference 2024, set for Jan. 31-Feb. 1 at Caesars Atlantic City Hotel and Casino. This three-day conference presented by DealFlow Events features technical programming designed for microcap investors and a presenting company track for pitching and socializing.
History of Pacific Rim Energy
PRE was formed in 1987 and incorporated in Washington State in 1993. PRE spent almost 30 years in Venezuela in the oil and gas sectors, gold and diamond mining sectors in the 1990’s and electrical power sector as a Sponsor/Developer for a 540 MW natural gas power project costing $ 150 million USD for CADAFE a Venezuelan government owned electrical utility back in 2003. In 2017 PRE was awarded an oilfield with 1.9 BBL of reserves by PDVSA and shortly afterwards then-President Trump put sanctions on U.S. companies doing business with PDVSA so PRE had to shut down operations and return to the U.S.
PRE like BP, Shell, Chevron and Exxon, is transitioning away from fossil fuels to Alternative Renewables focusing on Bio Diesel fuel made from timber on a worldwide basis. PRE has already lined up over 5 million tons of timber in B.C. Canada and SE USA with long term 25-year renewable supply contracts in the direct vicinity of the initial refinery location.
Their refining process will provide an estimated biodiesel timber yield of 165 gallons/ton ($907/ton given current biodiesel price $5.50/gallon).
Based upon the response that PRE had in Calgary, the company is highly confident that it will have an additional 5-10 million tons under long term contracts within 12-18 months, and 30-50 million tons per year in 5-6 years.
PRE will have an initial cap raise for equity to establish the first 2 refineries with an ultimate view of listing on the NASDAQ within 3 years.
“I personally gave investor packages to Qatar Energy, Saudi Energy and Exxon Mobil,” said Steve McKanna, CEO of PRE. “Chevron, Shell and BP were sponsors but did not have an exhibitor booth. I should know within the next 3-4 weeks if there is any interest from them. The Saudi PIF or Public Investment Fund is also going to be given a copy of the information.
McKanna also met with one of the directors for Petrobras, the Brazilian government oil company that is interested in working with PRE in the 7-state Amazon region – producing PRE’s Bio Diesel fuel on a small and large scale at numerous different locations.
“I was approached by many Canadians who are very interested in working with PRE in Canada including many of the indigenous native nations who have millions of acres available that currently are not being productive,” he said. “PRE would be able to provide good high paying jobs on a long-term basis on the various reservations all across Canada.”
PRE’s CFO, formerly with Morgan Stanley, will be lining up future debt financing to monetize the company’s long-term 25-year feed stock supply agreements along with long term purchase agreements.
Exxon Mobil, BP, Shell and Chevron will provide the offtake for all of PRE’s surplus Bio Diesel fuel produced anywhere in the world.
Call (253) 298-1133 today to learn more about PRE’s investment opportunity. Visit PRE online.
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