Odyssey Acquires ALG Western Oil

This acquisition is part of the company's strategy of diversifying into alternate energy resources.

The advantage of using algae is that the bio mass doubles every 24 hours and does not deplete any of the world's food resources.

In addition the process utilizes carbon dioxide which in turn, through photosynthesis, produces oxygen as a byproduct.

Once the oil has been extracted, the remaining bio mass is used in the pharmaceutical industry as a component in the manufacture of many vitamins.

Lufthansa, Europe's second biggest airline, stated that the company intends to use jet fuel that is as much as 10% bio-fuel by 2020. Lufthansa wants to use bio-fuel made from non-food sources such as algae.

ALG Western Oil has a Letter of Intent with Xstrata Alloys, a subsidiary of Xstrata Plc (LSE: XTA.L), as the preferred developer for the Xstrata Alloys Bio-Fuels Project.

The objective of the project is to establish a commercial facility that will utilize the carbon dioxide produced by its smelters to produce bio-fuels.

"With this acquisition the company has positioned itself at the leading edge of the bio-fuels industry and is still within the long term strategy of developing and exploiting alternative energy resources," said Arthur Johnson, President.

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