CALGARY, Jan. 16, 2012 /CNW/ - E-T Energy Ltd. ("E-T Energy" or the "Company") is pleased to announce the successful completion of its Shareholder
Rights Offering launched on December 9, 2011. The Rights to purchase
common shares expired at 3:00 p.m. (Calgary time) on January 12,
2012. E-T Energy raised gross proceeds of $7.3 million.
Trevor Roberts, President and CEO of E-T Energy stated: "We are
extremely pleased and would like to acknowledge the support from our
loyal shareholders through this Rights Offering. Together with the
funds on hand, the proceeds of the offering will be used to ensure the
completion and operation of the Step 3 Field Test which commences
formation heating next week together with other working capital
commitments. We look forward to delivering on our work program in the
coming months and updating shareholders on our progress."
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-DSP™
extraction process. E-T Energy is currently field testing ET-DSP™ in
the Athabasca Oil Sands in Alberta. ET-DSP™ offers several advantages
that E-T Energy believes 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 or Gordon Singer at 403-264-9431