European Commission group signs development agreement with Wysak

Wysak Petroleum announces the signing of a Letter of Intent with the European Commission Baltic Renewable Energy Centre (EC BREC) to assist Wysak Petroleum in the development of the Wysak Wind Energy Project. EC BREC and Wysak have signed a LOI documenting the development of a full-sized Commercial Wind Energy Project in Europe. This letter states that EC BREC can support Wysak in matters such as financial structuring and investment, regulatory issues, government policies, negotiations, wind technologies, and other aspects relating to wind energy.

This development will be up to a maximum 90Mw in size and cost upwards of $120 million in development expenditures. Once completed, this wind park will supply over 170,000 Mw of electricity annually for Poland and the European Community. This is enough green energy to supply more than 25,000 homes with electricity and offset nearly 170,000 tonnes of Greenhouse gases. Total gross electric sales over a 20-year period are estimated at over $450 million for a project this size.

The mission of European Commission-founded EC BREC is to stimulate the development of renewable energy sources (RES) in Poland through the construction of RES projects, the development of innovative technologies, and the creation of relevant policies, strategies and plans. To fulfil the mission, EC BREC uses its own research capabilities and cooperates with partner institutions from the EU, other countries, and international organizations. Wysak on the other hand is a diversified energy company whose goal is to identify and develop traditional fossil fuel sites, as well as clean air alternative energy producing technologies. Wysak trades in the U.S. under the symbol "WYSK".