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FOR IMMEDIATE RELEASE:
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Hyperion Announcement would be a great deal for South Dakota
Elk Point, SD - Department of Tourism and State Development Secretary Richard Benda joined Preston Phillips, Project Executive, Hyperion Resources, today in the announcement that Union County, SD is being considered for a cutting edge "green" energy technology center.
"If South Dakota is successful in landing this project, we would be the epicenter of clean energy production," said Benda. "In addition, this would create tremendous economic activity for the state of South Dakota."
"We appreciate the announcement that we are being considered as one of the sites for this new technology refinery. This is not your grandfather’s oil refinery. It uses IGCC (integrated gasification combined cycle) technology which has the potential to capture carbon dioxide so it can be sequestered and kept out of the air. This means the facility will be a much more environmentally friendly than the refineries in operation today," said Gov. Mike Rounds. "This is a major technological breakthrough that will set an example for all future energy development centers."
Benda told the people of Elk Point that this is the next step in the process. "We are confident that the people of South Dakota will welcome this opportunity with open arms and see its potential for the future," Benda said.
"This is the largest single step forward in energy production in this country in a long, long time, if not ever, and South Dakota is pleased to be considered," Benda concluded.
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South Dakota Site in Consideration for
Clean Energy Center
Dallas-based Hyperion Resources Announces Plans
For Immediate Release – June 13, 2007
Contact:
The Gallatin Group
509-624-7655
Dallas
Hyperion Project Executive J.L. "Corky" Frank confirmed that a tract of land in Union County, South Dakota is one of the sites in the Midwest being considered for the green energy center. Other potential locations have not been disclosed. "The Union County site is sufficiently attractive that we’ve taken several options on land there, and we may take a few more," he said.
Frank, a seasoned veteran of the energy industry and former President of Marathon Ashland Petroleum, said the time is right for a project of this nature. "Gas prices are the highest in U.S. history, and the U.S. refining infrastructure hasn’t seen a significant change since 1976. The fact is," he added, "refining capacity in this country has not kept pace with demand. We believe there’s a growing belief among people in this country that North American oil should stay in North America."
Frank also said that, while the United States is in dire need of additional refining capacity, that need must be filled using only the cleanest technologies that will produce the greenest fuels. "Our proposal addresses all those issues and does it in a way that has never been done in this country. Hyperion is ready to step in to fill this need for additional refining capacity."
The central component of the energy center will be an oil refinery, which will refine approximately 400,000 barrels of oil per day into clean, green transportation fuels, including ultra-low sulfur gasoline (ULSG) and ultra-low sulfur diesel (ULSD). The refinery will use only the best available environmental technologies and will go the extra mile to protect the environment, particularly air and water quality.
Construction of the refinery will employ an average of 4,500 workers over a four-year period, with a peak of approximately 10,000. When operational, the refinery will provide approximately 1,800 full-time, good-paying jobs, complete with benefits. Construction will begin after all the appropriate zoning changes have been approved and necessary permits have been obtained.
The refinery will process heavy crude oil from Canada and ship it to markets in the U.S.
Additionally, the integrated refinery will incorporate a power plant with the latest technology, consuming petroleum coke byproduct from the refinery to supply hydrogen, steam and electricity to the refinery itself. Leveraging integrated gasification combined cycle technology (IGCC), the state-of-the art in power production, emissions will be substantially lower than conventional power generation plants, Frank pointed out.
In addition to Hyperion’s refinery, the energy center will be designed to be able to incorporate a broad range of other facilities, depending on the markets and what’s most appropriate for the region. Hyperion will demand that any other companies siting facilities at the center must also meet the company’s highest standards for environmental protection.
Frank has more than 40 years of experience in domestic and international markets. Having served as President of Marathon Ashland Petroleum, LLC and Executive Vice President of Marathon Oil where he oversaw regional and worldwide production for all areas of refining, marketing, and transportation, he brings a wealth of insight to the management and execution of this project. Committed to furthering the future of the industry, he recently endowed a seminar series in petroleum engineering in the Dwight Look College of Engineering at Texas A&M University.
About Hyperion
Hyperion’s core asset is oil & gas production in the continental United States. The company has made its mark by achieving maximum value from challenging properties, including mature energy fields. In addition to oil and gas, Hyperion and its affiliates operate and invest in real estate, agriculture and other ventures.
– Hyperion Resources, Inc., a privately held, international energy company based in Dallas, today announced it plans to build the most environmentally sound energy center in the United States, including the first oil refinery built in this country since 1976.