ProSep to supply US$12.9M gas treatment system to Colombia's Ecopetrol

By The Canadian Press

MONTREAL - ProSep Inc. (TSX: PRP.TO), a promising small technology company whose shares have recently surged in heavy trading, announced Wednesday it will supply a gas treatment system to Colombia's state-owned Ecopetrol S.A for US $12.9 million.

The contracted CO2 gas separation membrane package is designed to treat large volumes of natural gas and will be delivered during the second half of 2010.

It will be installed at the Cupiagua field in the Los Llanos foothills of Colombia.

"This contract, for the delivery of a large scale gas membrane package, represents an important milestone for the company," said Jacques Drouin, ProSep's president and chief executive officer.

"Our reputation in process engineering and experience are opening new doors in promising markets. We are proud to add Ecopetrol to our growing list of international clients," he added.

The Colombian contract is the latest bit of good news for the Montreal-based company.

At the beginning of October, ProSep was singled out by the Deloitte consulting firm as the fastest growing tech company in Canada.

Deloitte noted that ProSep raised its revenues by 18,070 per cent from 2004 to 2008 and was one of the most active stocks on the TSX.

ProSep designs, develops, manufactures and commercializes technologies to separate oil, water and gas generated by oil and gas production.

The company said its membrane technology is an environmentally friendly and cost effective alternative to solvent-based treatment systems used for gas conditioning and enhanced oil recovery operations.

ProSep shares closed at 18 cents Tuesday on the Toronto Stock Exchange.