HOUSTON, Aug. 6, 2019 /PRNewswire-PRWeb/ -- Bitcoin Oil Inc. (http://www.bitcoinoil.com) ("BTCO") is pleased to announce that its wholly-owned subsidiary, Bitcoin Oil Services, LLC ("BOS") has executed a definitive agreement to acquire 100% of the assets and associated permits of an oilfield waste recycling facility for $5,500,000. The closing is expected to occur on or before August 15, 2019. BOS, with permits already in place, will be a complete recycling facility comparable to no other in Texas. This trailblazing facility will eliminate antiquated disposal methods of harmful drilling byproducts and contribute to producer profits by eliminating potential liability costs associated with environmental pollutions.
BOS will acquire the permits to operate the oilfield waste recycling facility with the authority to make. This special permit allows the company to offer a "Certificate of Destruction" for the waste delivered by the producer to this facility, the sterile byproduct being sold for road base materials. The State of Texas passed a House Bill 1331 bill in 2016 that gives operators the authority to take their waste to a recycling facility and receive a Certificate of Destruction. The significance to the producer/operator is unquantifiable because the EPA has a rule that the operators are liable from "Cradle to Grave". The rule holds all waste generators responsible for their waste that is put into a landfill perpetually. This simply means that if there is a problem in the landfill at any time in the future that each waste generator will be liable for clean-up according to the volume of waste that they dispose of at the landfill. The BOS recycling facility removes the producer/operators from any current and future liability.
The invaluable capacity to relieve the producer from financial liabilities while recycling oilfield waste into lucrative byproducts like crude oil, diesel fuel, clean cuttings/dirt and road base for BOS. This innovative, multifaceted recycling facility will position BOS at the forefront of environmental remediation.
The BOS recycling facility, unlike most oilfield wastes and solids treating facilities in Texas, is designed for 1) maximum environmental protection for the producer, and 2) will exceed all state and federal regulatory requirements, and 3) will generate multiple streams of revenue for BOS via the salt water disposal and byproduct remediation.
This new facility has an impressive land area, under a long-term lease, consisting of one hundred (100) acres, more or less. Approximately fifteen (15) acres are used for recycling and operational purposes while the remaining acreage will be used for equipment storage, gravel mining, and future expansion with the entire area is fenced. The area also will be fully lighted and continuously monitored by an security camera system. Protection mechanisms and system regulations will be built into the computer architecture to enforce policies and protect from the potential of internal threats.
This location will house two sets of State certified scales, one scale house, one pugmill, one permitted waste receiving pit, two permitted waste treating pits, one, four-bay, truck wash facility, and one frac-tank yard. The facility already has a permitted, commercial saltwater disposal well and tank battery facility capable of handling 25,000 barrels per day of incoming and recycled salt water, frac fluids, and facility produced water. Any oil skimmed from these combined operations will be another source of income.
Furthermore, besides the regulatory permits to operate an oilfield waste recycling facility, BOS will also be permitted to produce freshwater from the Carrizo formation for internal usage and third-party sales, and Railroad Commission of Texas permits to operate a truck wash facility. The produced fresh water from the Carrizo well can be sold to drilling companies via a 50,000-barrel heavily lined, permitted earthen pit.
BOS will also own a Kaolin quarry. The Kaolin quarry is estimated to have 1 million yards of material available. The Kaolin will be used in the blending of road base with the processed solids from the recycling facility. This will make a superior road base using the solids extracted from the recycling facility combined with the kaolin and other additives.
The processing plant will consist of a Thermal Desorption Unit. The unit receives the material via an auger and hopper. The material travels through the rotary drum and is heated to 640 plus degrees Fahrenheit. The temperature vaporizes all water and oil from the cuttings. The water and oil are captured, condensed, then separated. The water and oil are pumped to their respective tanks. The off gas is consumed in a thermal oxidizer. The thermal oxidizer assures the emissions from the plant are clean. The solids are transferred, rehydrated, and cooled via an auger and fresh water cooling system. The solids are transferred to the road base blending area via a roll-off box and loaders for further blending. The road base material is blended via a pugmill. The pugmill has three hoppers and precisely blends the material into the road base.
All waste material is weighed in to the facility and the producers/operators are billed, as a "gate fee", for all incoming waste.
BTCO is projecting a yearly gross revenue in the amount of $13.24 million dollars from nine sources of revenue generated from one, single facility. After deducting for yearly expenses in the amount of $4,1 million dollars BTCO anticipates yearly net cash totaling $9.13 million dollars. After competing the initial facility, BTCO plans to build out four (4) new facilities within two (2) years; all facilities generating a combined yearly revenue exceeding $66 million dollars.
About Bitcoin Oil
Bitcoin Oil (BTCO) is the official name of Bitcoin's 2019 PoS hard fork which will implement a whole range of long overdue Bitcoin improvements. The new BTCO cryptocurrency will be based on the Bitcoin blockchain network, and the centerpiece of Bitcoin Oil and its "Optimally Improved Ledger" (OIL) will be the highly innovative "SSPSS" strategy focusing on the development and implementation of essential Bitcoin improvements in the fields of Stability, Sustainability, Privacy, Smart Sidechains, and Scalability, or "SSPSS", including but not limited to key new Bitcoin blockchain features such as (i.) minimizing Bitcoin's volatility (i.e. by connecting it with stable off-chain values), (ii.) drastically reducing Bitcoin's insane energy consumption (i.e. by altering the consensus protocol to PoS), (iii.) implementing true privacy features (i.e. by enabling confidential transactions), (iv.) empowering Bitcoin based ICOs and STOs (e.g. by employing full smart contract functionalities), and last but not least (v.) developing cutting-edge scalability solutions (i.e. by complete integration of layer 2 protocols and offline transactions). To learn more about Bitcoin Oil, visit our website at http://www.bitcoinoil.com and please review our future press releases as well as our forthcoming white paper, or if you are interested in purchasing Bitcoin Oil, please contact us at email@example.com or call us at +1-8777-BITCOINOIL.
This press release shall not constitute an offer to sell or the solicitation of an offer to purchase any coin or right described herein, nor shall there be any sale of these coins or rights in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
This press release contains information about pending transactions, and there can be no assurance that any of these transactions will be completed in accordance with the terms described in this press release or at all.
This press release contains information about a possible hard fork of the Bitcoin network. Neither the Bitcoin Oil or such other crypto-asset generated through the hard fork nor the Bitcoin Oil or such other crypto-asset generated thereafter by any other method will be registered under the Securities Act of 1933, as amended, or the securities laws of any other jurisdiction and may not be offered, sold, pledged or transferred within the United States or such other jurisdiction without registration or an applicable exemption from such registration requirements. Even though Bitcoin Oil intends to deliver and distribute certain bonus to the Bitcoin Oil record holders of the Bitcoins then existing on the Bitcoin network, such delivery and distribution may be restricted or prohibited by laws of the jurisdiction in which such holders reside or such distribution or delivery may result in Bitcoin Oil being required to register under the Exchange Act of 1934, as amended, or the securities law of any other applicable jurisdiction. We are in the process of assessing regulatory requirements for the delivery and distribution of such bonus of Bitcoin Oil to the then holders of the Bitcoins as part of the hard fork and there can be no assurance whether we would be able to make any delivery or distribution, or at all, to any such holder in connection with the hard fork.
This press release contains statements that are forward-looking (such as when Company describes what it "plans," "believes," "intends," "seeks," "aims," or "anticipates" will occur, what "will," "potentially," or "could" happen, and other similar statements or the negative of such terms or statements), which may not be correct, even though Bitcoin Oil believes that they are reasonable at the time of this press release. Bitcoin Oil undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made.
Attn: Media Relations
Ms. Hannah Paddock (CMO)
Attn: ICO Information
- Website: http://www.BitcoinOil.com
- Telegram: https://t.me/Bitcoinoil
- LinkedIn: http://www.linkedin.com/company/bitcoinoil
- Twitter: https://twitter.com/BitcoinOilLLC
SOURCE Bitcoin Oil