Regret the Error » pipeline news http://www.regrettheerror.com Mistakes Happen Mon, 19 Dec 2011 12:25:27 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 Trouble in the pipeline http://www.regrettheerror.com/2009/09/09/trouble-in-the-pipeline/ http://www.regrettheerror.com/2009/09/09/trouble-in-the-pipeline/#comments Wed, 09 Sep 2009 12:00:04 +0000 Craig Silverman http://www.regrettheerror.com/?p=9055 There are a few corrections that need to be made regarding two stories in the August, 2009 edition featuring Newco Tank Corp.
The first story, “All systems are go for launch of patented Newco tank,” page C11, spoke about Newco’s new production tank design that features the engine package inside the tank, and using its heat to heat the oil in the tank.
The price as quoted was $110,000. That was incorrect. It should have read, “The Newco tank comes with a lease site set up cost of $165,000.  That is considerably more than a conventional tank but with virtually no propane costs or harmful emissions overall operating costs are much lower.”
The payback is six to 12 months, not less than six months, as stated.
When compared to a worst case scenario, with a tank operating inefficiently at high temperatures, the Newco tank in comparison would result in a reduction of greenhouse gas emissions the equivalent of taking 200 to 300 vehicles off  the road. That was the number we stated. However, for a tank operating at 70 C, the GHG reduction is closer to 38 to 158 vehicles.
The first prototype was initially worked on in 2002, not 2004.
The company is seeking to design a two-1000 barrel tank setup, consisting of a production tank and sales tank on a single site, not a 2000-bbl. tank.
In the second story, “Nordic cuts operating costs with the leased ‘green’ Newco tank,” pages c12-c13, it stated, “Newco plans to
drill one or two more wells in the area before the fourth quarter but [Matthew] Barnard cautions Nordic is, ‘anxiously waiting for the price of oil to go up.’”
That should have read, “Nordic Oil and Gas plans to drill one or two more wells in the area before the fourth quarter but [Matthew] Barnard cautions Nordic is, ‘anxiously waiting for the price of oil to go up.’”
Pipeline News regrets the errors and any confusion it may have caused.

This appears on page A6 of the Sept. 2009 issue of Pipeline News, which can be downloaded as a PDF here.

]]> http://www.regrettheerror.com/2009/09/09/trouble-in-the-pipeline/feed/ 0