ARLINGTON - The
University of Texas at Arlington announces a licensing agreement with 1st
Resource Group Inc. of Fort Worth to commercialize a new, efficient process for
converting natural gas to clean, synthetic fuel at a cost lower than current
Arlington engineering and science researchers have designed a portable
conversion unit that transforms natural gas from the field for use as
clean-burning, synthetic fuels.
Resource has partnered with UMED Holdings Inc., a Fort Worth-based, publicly
traded company, to aid in commercializing the patent-pending process. 1st
Resource plans to deploy conversion units in domestic and international gas
fields to yield synthetic jet fuels and diesel.
application is expected to be particularly useful in stranded gas fields, on sites
where natural gas must be vented or flared and when it is not economically
viable to move gas to a pipeline due to adverse market conditions.
believe the reception we will receive on Wall Street will be favorable,” Randy
Moseley, chairman of the UMED Holdings board of directors, said in announcing
Arlington President James D. Spaniolo said the licensing agreement is a
milestone in the University’s relationship with business and industry.
advancement demonstrates how university research can respond to market
demands,” Spaniolo said. “All of us understand the need to lower fuel costs and
develop clean energy resources. We believe this agreement is the start of an
important and long-lasting relationship with 1st Resource, UMED, and
McKinnon, 1st Resource president and chief executive officer, said
his firm approached UT Arlington researchers to determine if a portable
gas-to-liquids processing unit could be developed that could be easily moved
from one well to the next.
researchers proved it could be done,” McKinnon said. “This process starts to
solve the rising transportation costs we all face.”
Fewell, chief operations officer for 1st Resource, said the venture
will succeed because natural gas prices are low and reserves are plentiful. He
said the portability of the system also makes it attractive.
have a rancher sitting on a natural gas well, and that gas can be converted to
an energy source like jet fuel, he is suddenly sitting on a gold mine,” Fewell
savings in transporting the jet fuel alone could be substantial, Fewell said,
because the conversion happens at the natural gas well site and doesn’t have to
go through additional refining steps like oil.
Halden, president of UMED Holdings, said the cutting-edge process could help
reduce foreign dependency on crude oil.
goal we hope to accomplish,” Halden said. “Suffice it to say that the cost
savings from an ecological standpoint are immeasurable. It is a green project
just because of the processes it could eliminate.”
University of Texas at Arlington is a comprehensive research institution of
33,800 students in the heart of North
Texas. Visit www.uta.edu to learn more.
1st Resource Group Inc. is
comprised of oil and gas professionals and experts focused on advancing
gas-to-liquid fuel conversion to help natural gas producers gain improved
market advantage. Visit http://1stresourcegroup.com/ to learn more.
UMED Holdings (OTC: UMED.PK) is a publicly
traded corporation based in Fort Worth, Texas, with interests in digital media,
entertainment, precious metals exploration and energy. Visit http://umedholdings.com/ to learn more.
The University of Texas at Arlington is an Equal Opportunity and Affirmative Action employer.