On or about June 1, 2015, Blue Water Petroleum Corp. announced that it has entered into a Letter of Intent to form a 50/50 joint venture with VEP Viscos Energy Partners Limited for the purpose of housing and operating microwave technology for crude oil sludge treatment for the territory of the USA. VEP is currently in the process of filing a new patent for its sludge treatment technology and once filed, all rights in relation to the new sludge treatment patent shall be transferred to BWPC Water for the territory of the USA.

This transaction is contingent upon BWPC meeting certain funding requirements.