CALGARY, June 14, 2012 /CNW/ - In July 2009, E-T Energy Ltd. (E-T Energy
or the Company) commenced the application process (the Application)
with the Energy Resources Conservation Board (ERCB) requesting approval
for a 10,000 barrel per day commercial project at Poplar Creek (the
Commercial Project). The Application included data from E-T Energy's
previous field-testing of the electro-thermal dynamic stripping process
(ET-DSPTM), but did not include the results of the current field test (the Step 3
Field Test), which is ongoing. Step 3 is the most significant test the
Company has undertaken to date. E-T Energy has had several discussions
with the ERCB and has responded to several rounds of supplemental
information requests, with the last formal submission to the ERCB being
made on March 5, 2012.
On June 12, 2012, the ERCB rendered a decision that "based on the
limited production data available to date, the ERCB was of the view
that E-T Energy has not demonstrated to date that ET-DSP™ is capable of
obtaining or sustaining commercial bitumen production rates." The
ERCB encouraged E-T Energy to continue testing the technology and noted
that the ERCB decision does not preclude E-T Energy from reapplying as
future performance data from Step 3 demonstrates commercial viability.
Management accepts the ERCB's assessment and looks forward to re-filing
a commercial application for the 10,000 barrel per day Commercial
Project as more data becomes available from Step 3. While Step 3
continues to progress, the recovery factor and the energy/oil ratio
required to produce bitumen will not be established until later this
year or early next year. In light of the recent decision by the ERCB,
the timing of the Step 3 results, and weak capital markets, management
will be considering other alternatives including a smaller project
building upon the existing Step 3 Field Test surface assets.
About E-T Energy Ltd.
E-T Energy is a private, Calgary-based company focused on bitumen
extraction from the oil sands and heavy oil recovery through the use of
the proprietary, efficient, and environmentally friendly ET-DSPTM process. E-T Energy is currently field testing the ET-DSP™ in the
Athabasca Oil Sands in Alberta. The ET-DSPTM process offers several advantages that will make it the technology of
choice for a significant quantity of bitumen and shallow heavy oil
resources that currently do not have 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.
SOURCE E-T Energy Ltd.
For further information:
on E-T Energy, please call Trevor Roberts at 403-264-9431 ext.499 or Peter Johanson at 403-264-9431 ext.484.