CALGARY, April 12 /CNW/ - E-T Energy Ltd. ("E-T Energy") is pleased to announce two milestone events in advancing its
electro-thermal ("ET-DSP™") technology for producing heavy oil and bitumen from oil sands. E-T
Energy has entered into an Agreement with Total E&P Canada Ltd. ("Total") for Total to participate in E-T Energy's next two stages of field
testing (Step 3 and Step 4) as the Company prepares for its proposed
10,000 bbl/d Phase 1 commercial development at Poplar Creek.
Total will provide financial and technical support over the next two
steps of testing. In consideration for Total's participation, the
Agreement provides options for future cooperation in the development of
the technology including a global licence of the technology for Total
as well as a limited working interest in E-T Energy's first commercial
development at its Poplar Creek asset. The agreement contains ongoing
project milestones and performance criteria. E-T Energy expects to
start production from the current Steps 1 and 2 test patterns before
the end of April 2011. Once this milestone is achieved, Step 3
drilling and connecting will commence shortly thereafter.
Dr. Bruce C.W. McGee, Chief Executive Officer of E-T Energy, said: "We
are thrilled to have Total participate with us in our project. The
depth of Total's technical capability and expertise in project
development, together with our technology and pilot test experience
over the past four years, will accelerate the application of ET-DSP™ in
Alberta and globally."
"Working with E-T Energy is an excellent opportunity for Total to help
advance innovative extraction methods that continue to build on the
development of environmentally sound practices in Canada's oil sands,"
said Jean-Michel Gires, President and CEO of Total E&P Canada. "We are
looking forward to seeing where this new technology can go and how it
can be used on a commercial scale."
E-T Energy is also pleased to announce it has signed its agreement with
Alberta's Climate Change and Emissions Management (CCEMC) Corporation ("CCEMC") whereby CCEMC will provide up to $6.86 million in co-funding for Step 3
and Step 4 field testing of the ET-DSP™ technology. Dr. McGee added:
"We are very pleased to have finalized our agreement with CCEMC and
look forward to starting our next field test at Poplar Creek with their
support. With the strong contributions of these two participants, we
are further advancing our environmentally advantageous process to
produce bitumen from Alberta's oil sands."
"CCEMC is pleased to support field testing for the E-T Energy
project," said CCEMC Chair Eric Newell. "This project is one way that
CCEMC is advancing clean technology and exploring the impact
that technology can have on reducing greenhouse gas emissions in the
The details and specifics of the Agreement are strictly confidential.
About E-T Energy Ltd.
E-T Energy is a private, Calgary-based company focused on in situ
electro-thermal extraction of bitumen from oil sands through the use of
the proprietary, efficient, and environmentally friendly ET-DSP™
process. E-T Energy is currently field testing ET-DSP™ on its Poplar
Creek leases in the Athabasca Oil Sands in Alberta. The ET-DSP™
process offers several advantages which E-T Energy expects will make it
the technology of choice for developing a significant quantity of oil
sands resource currently stranded without a suitable extraction
method. These advantages include: an established technology, minimal
water use, rapid recovery of affected lands, lower energy use, and
substantially reduced greenhouse gas emissions.
E-T Energy's primary focus is on developing its Poplar Creek commercial
project on its own leases in Athabasca (10,560 acres), with a secondary
focus of pursuing heavy oil and bitumen opportunities on stranded
resources in the United States and elsewhere. To date, E-T Energy has
entered into one agreement to source targeted opportunities in the
United States through an agreement with ConTherm Management, LLC and
intends to seek partners to develop further opportunities in the United
States and elsewhere.
About Total Exploration and Production in Canada
Total E&P Canada owns a 50 per cent interest in the Surmont SAGD1 project and operates the Joslyn project with a 38.25 per cent interest.
Total E&P Canada also has a 49 per cent interest in the Voyageur
Upgrader and 39.2 per cent interest in the Fort Hills Project.
Total E&P Canada has a 50 per cent interest in the Northern Lights
Project following the 2008 acquisition of Canada's Synenco Energy.
Total is one of the world's major oil and gas groups, with activities in
more than 130 countries. Its 93,000 employees put their expertise to
work in every part of the industry - exploration and production of oil
and natural gas, refining and marketing, gas & power and trading. Total
is working to keep the world supplied with energy, both today and
tomorrow. The Group is also a first rank player in chemicals. www.total.com
The CCEMC is an Alberta-based, not-for-profit organization with a
mandate to establish or participate in funding for initiatives that
reduce greenhouse gas emissions and support adaptation. The
organization has announced funding for more than $98 million in
projects that address energy efficiency, renewable energy, greening
energy production and carbon capture and storage. The CCEMC invests in
discovery, development, and operational deployment of clean
Readers are cautioned that this press release contains forward looking
information relating to benefits anticipated to be realized from the terms and conditions of
the Agreement and statements related to the proposed development plans
of the company. There is a risk that the anticipated benefits may not
be realized from the Agreement if various project milestones and
performance criteria are not met. In addition, there is a risk that
the development plans proposed by the company will not be completed
within the anticipated time or at all. Although the company believes
that the expectations and underlying assumptions reflected in these
forward-looking statements are reasonable, undue reliance should not be
placed on them as the company can give no assurance that they will
prove to be correct. Since forward-looking statements address future
events and conditions, by their very nature they involve inherent risks
and uncertainties. The forward-looking statements contained in this
press release are made as of the date hereof and the company undertakes
no obligations to update publicly or revise any forward-looking
statements or information, whether as a result of new information,
future events or otherwise, unless so required by applicable securities
1 Steam Assisted Gravity Drainage
SOURCE E-T Energy Ltd.
For further information:
Dr. Bruce McGee, CEO, 403-569-5101 or
Rob Pearce, CFO, at 403-569-5112
Total E&P Canada: