by American International Industries, Inc. Offers Patent-Pending Solutions to Contain Deepwater Oil Rig Blowouts as Another Oil Platform
Wednesday, Sep 15, 2010
American
International Industries, Inc. (OTCBB:AMIN) ("American") today announced
that Subsea Oil Technologies, Inc., ("Subsea"), a company that is 50% owned
by American, has begun offering its patent-pending solutions to government
(e.g., the Bureau of Ocean Energy Management, Regulation and Enforcement
(BOEMRE)), educational and private institutions for containing deepwater oil
rig blowouts. Subsea, a Nevada corporation, was organized for the purpose of
designing, testing and producing efficient, high quality and fully
operational, safety and emergency equipment for the undersea oil and gas
industries. Additional details regarding Subsea and its solutions are
presented at Subsea's newly established website,
http://www.subseaoiltech.com.
On September 2, 2010, we were again reminded about the dangers and potential
ecological/environmental risks involved with offshore oil and gas
development, when the Vermillion Block 380 Mariner Energy oil platform
caught fire off the Louisiana coast in the Gulf of Mexico.
This serves as a warning to industry and government agencies to be prepared
for the potential of oil spill calamities at any time. Unlike the explosion
that led to the massive 2010 BP/Deepwater Horizon oil spill, which continued
over a period of several months while waiting for a relief well to be
drilled, we were lucky that a significant oil spill did not occur this time,
and that there was no loss of life.
As previously announced, Subsea has established an on-going program to build
an intellectual property (IP) portfolio of patent applications directed
towards expediting the containment of undersea oil and/or gas spills, at
least until a relief well can be drilled. As Subsea begins to explore
various market and licensing opportunities, Subsea will continue to expand
and enhance the value of its IP portfolio. The patent applications disclose
numerous procedures and apparatus configurations associated with the
"BOPstopper", a solution that could have prevented the 2010 BP/Deepwater
Horizon oil spill crisis in the Gulf of Mexico from becoming the worst
ecological disaster ever.
In one configuration, the BOPstopper is a "caisson" assembly that
substantially isolates a defective blowout preventer (BOP) stack that spews
oil and/or gas from the ocean by completely circumventing and encasing the
defective BOP stack. The BOPstopper may comprise two separate assemblies: a
containment assembly, that creates a seal with the seabed, and a valve
assembly that controls the flow of the spewing oil and/or gas. Each of these
two BOPstopper assemblies is individually reinforced to withstand the high
pressure of the spewing oil and/or gas after being submerged and positioned
at the bottom of the ocean.
A BOP stack is the last line of defense when a catastrophe strikes an
undersea oil well. Current offshore oil exploration has reached new limits
that obviously have not been studied nor tested sufficiently for disaster
recovery procedures and equipment. Subsea's development program will
consider current and future requirements of subsea seismography, simulation,
drilling, construction, production, measurement, control, safety and
disaster recovery systems.
American International Industries, Inc. is a diversified holding company,
with a business model similar to General Electric, Tyco International, and
Berkshire Hathaway. The Company has holdings in Industry, Finance and Oil &
Gas, and has a significant Real Estate portfolio, all in Houston, TX and its
surrounding areas. The vision of the Company is to further develop holdings
in its core industries and plans to expand its interests in the energy
sector through acquisition of existing companies, applying the financial
resources and management expertise to foster the growth and profitability of
the acquired businesses. The holding company serves as a financial and
professional partner to the management of the subsidiaries. The role of the
holding company is to improve each subsidiary's access to capital, achieve
economies of scale by consolidating administrative functions, and utilize
the financial and management expertise of corporate personnel across all
units. The Company is continuing to work with management of the subsidiary
companies to improve revenues, operations and profitability.
Source: Globe Newswire
