June 21, 2012: Abbotsford, BC, Canada:
First Choice Products Inc. (CNSX: FCI) announces that its subsidiary Petroquest Ventures Inc. has signed a Rental Agency Agreement with Comercio Norte-Sur Ltd., for rental sales of its Tool in Colombia and Venezuela. Comercio is an oil field consulting firm operating in Bogota, Columbia.
Oil well operators and service companies in these countries and elsewhere are currently using very expensive and time consuming equipment to conduct tubing tests. The Tool can very quickly determine if it is a pump or tubing issue causing production failure and it will significantly reduce testing time and costs. In turn, this will mean less production down time, key for operators. The Agreement provides for a 50-50 revenue/cost sharing arrangement with a Tool rental rate upwards of $2,000 per day.
PetroQuest is presently fabricating its first commercial Tools for use in 2.7/8'' tubing which covers most target production wells (oil production tubing comes in four sizes). The Company also has a 3.5" size ready for production. The Company plans a financing to be able to enter the very large North American market as soon as possible.
First Choice Products Inc's common shares are listed on the Canadian National Stock Exchange: CNSX
Robert A. Sim, President
FIRST CHOICE PRODUCTS INC.
#111-30990 Peardonville Rd., Abbotsford, B.C. V2T 6K1
Toll-Free (866) 498-2378 Fax (604) 853-3119
Investor Relations: 1-800-997-8477
THE CANADIAN NATIONAL STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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