CALGARY, AB, Aug. 7, 2024 /PRNewswire/ - Bison Low Carbon Ventures Inc. (Bison) is pleased to announce the completion of our Meadowbrook Carbon Storage Hub (MCSH) evaluation phase activity and the granting of an initial 15,360 hectare Carbon Sequestration Agreement (CSA) from the Minister of Energy and Minerals.

With the successful completion of this important milestone Bison becomes the second Hub to announce its sequestration tenure award under Alberta's Carbon Capture and Storage (CCS) Hub initiative. The CSA award will facilitate a progression to the next several stages of the Alberta Energy Regulator (AER) project approval process, which we expect will lead to initial sequestration operations in 2025 if we are successful with all approvals. The MCSH is designed to sequester a minimum of 3 million metric tonnes per annum (3MTpa) of CO2 when fully developed. This initial award will support the first 2 stages of our development, with later stages and a future pipeline being the subject of a subsequent application. The remaining 55,040 hectares will remain as an evaluation permit and be available for conversion to an expanded CSA as demand for sequestration services increases and reservoir performance is established.

MCSH partners include affiliates of PrairieSky Royalty Ltd. and the Indian Resource Council of Canada, in addition to Bison as operator. The MCSH project provides CO2 transportation and sequestration services on a 'Fee for service' basis, intended to attract multiple industrial clients within our catchment area. The MCSH partners have agreement from two customers that will support a first phase development on a single injection well cluster designed to demonstrate the effectiveness of our Woodbend Group reservoir for CCS. The initial project phase is located in Sturgeon County near the town of Legal.

Bison is excited to be near the forefront of the delivery of CCS in Alberta which targets to support the increased competitiveness of Alberta's energy and emissions sensitive industries as they move to curtail emissions in a cost effective and safe manner through permanent sequestration in a deep saline aquifer. Our project offers a degree of stratigraphic diversification from the very large majority of the pore space resource and is proximal to the Alberta Industrial heartland, two attributes we hope will support development of the MCSH. The MCSH also offers the opportunity to co-locate new emission sensitive businesses at a location with a built in CCS solution.

About Bison. Bison is a private Alberta based CCS project developer and energy transition technology commercialization platform. Our major non-management shareholders are an affiliate of Marubeni Corporation and Mizuho Bank, Ltd. Bison has a second CCS Evaluation phase tenure at North Drumheller which will follow the MCSH development precedents as customer demand is identified.

SOURCE Bison Low-Carbon Ventures Inc.