VANCOUVER, BC, May 15, 2024 /CNW/ - Eaglesledge Energy Ltd. (ELE) is pleased to welcome Sazzad Rashid as Special Advisor to its Board of Directors.

Mr. Rashid is the Foreign Trade and Investment Advisor to the Leader of the Opposition in the National Parliament of Bangladesh. He joins ELE with more than 20 years of globally diverse educational experience and finance-management acumen—much of this gleaned through his work across the United States, Europe, and South Asia, where he has held leadership positions with top-tier U.S. financial institutions, including, Wells Fargo Bank, Bank of America, and JPMorgan Chase & Co.

Additionally, Mr. Rashid has demonstrated a breadth of business-management success during his tenure in the Office of the Comptroller of the Commonwealth of Massachusetts. Further, he has worked in product management for Standard Chartered Bank, based in Dhaka, Bangladesh.

Eaglesledge Energy Ltd.'s Chief Executive Officer Boris Weiss welcomes Mr. Rashid to his role of Special Advisor to the Board with optimism and forward-looking momentum:

"We are excited and welcome Sazzad to the company's advisory team. His diverse background in business and financial management—along with his dedication to ELE's groundbreaking development of a clean fuels refinery (CFR) and solar facility in Belle Plaine, Saskatchewan—are pillars of knowledge and insight that will play an integral role in the company's future success."

Presently, in the construction-and-development phase of the CFR and the solar facility's production project, ELE's goal is to become a leader in green energy and a partner in the global fight to reduce the impacts that contribute to harmful climate change.

Ideally situated on the edge of the Bakken Formation, and with access to a vibrant oil-and-gas supply chain, this location is ideal to add value to one of Canada's greatest natural resources. ELE's future industry-leading CFR and solar plant project will generate high-quality petroleum and energy products while minimizing carbon emissions. Simultaneously, it will create numerous local and regional employment opportunities.

Using state-of-the-art energy technologies and refining processes, the plant will significantly reduce the impact of our environmental behaviours on climate outcomes. The planned CFR will produce predominantly ultra-low sulfur diesel, gasoline, and jet fuel. At a projected cost of $460 million USD (roughly $600 million CAD), the CFR will produce 30,000 barrels per stream day (BPSD). The modular design can be expanded to increase capacity up to 85,000 BPSD to further service regional demand.

The refinery size is uniquely designed for construction efficiency and to produce local supply for local demand in a cost-effective and sustainable way.

ELE is dedicated to embracing solar power as a key component of our commitment to a sustainable and clean-energy future. By harnessing the sun's abundant and renewable energy, this project will provide customers with an eco- and wallet-friendly alternative to traditional energy, while empowering individuals and businesses to significantly lessen their energy consumption, ultimately, reducing their carbon footprints.

To meet these needs, a 125MW solar facility is an integral part of the project. A small portion of the production will be utilized by the refinery operations, and the bulk will support the power grid and local industry demands in the region.

Eaglesledge Energy Ltd. values Phase 1 at $460 million USD (approximately $600 million CAD), with Phase 2 injecting another $1.5 billion USD (roughly $2 billion CAD) in valuation.

DISCLAIMER: Some of the statements in this press release may be forward-looking statements or statements of future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets, and other circumstances, may cause the actual events or results to be materially different from those anticipated by such statements. Eaglesledge Energy Ltd. does not make any representation or warranty—express or implied—as to the accuracy, completeness, or updated status of such statements. Therefore, in no case whatsoever, will Eaglesledge Energy Ltd. or its affiliated companies be liable to anyone for any decision made, or action taken, in conjunction with the information and/or statements in this press release or for any related damages.

SOURCE Eaglesledge Energy Ltd