EDMONTON, June 30 /CNW/ - E-T Energy Ltd. (E-T Energy) announced that it has been chosen by Alberta's Climate Change and Emissions Management (CCEMC) Corporation to receive up to $6.86 million in co-funding for a demonstration project that will use a proprietary electrical heating technology to produce bitumen from oil sands. The Electro-Thermal Dynamic Stripping Process (ET-DSP(TM)) uses electricity to heat and mobilize bitumen in oil sands and heavy oil reservoirs so that it can be produced quickly, cost effectively, and efficiently. This process uses significantly less energy and water and produces significantly lower green house gas emissions than existing oil sands extraction methods.
ET-DSP(TM) is an award winning technology that has been used extensively in the environmental industry to extract contaminants from soil and groundwater. ET-DSP(TM) has been used successfully in over 35 major commercial environmental remediation projects since 1994.
The CCEMC grant will fund a portion of the third and fourth stages of an expanded pilot test that E-T Energy expects will demonstrate the commercial viability of ET-DSP(TM) for production of bitumen from Alberta's oil sands. Initial work on Stage 3 is expected to commence in the third quarter of 2010.
President and CEO Bruce McGee commented, "We are very excited to be chosen by CCEMC and extremely grateful for the support for this important project. We believe ET-DSP(TM) will be an important technology in sustainably developing Alberta's oil sands to their great potential. This grant is a serious endorsement of our approach to producing bitumen from the oil sands and we look forward to reporting 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(TM) process. The ET-DSP(TM) process offers several advantages which will make it the technology of choice for a significant quantity of oil sands resource currently without a suitable extraction method. These include: an established technology, minimal water use, rapid recovery of affected lands, lower energy use, and substantially reduced greenhouse gas emissions.
The CCEMC is a not-for-profit, independent organization with a mandate to expand climate change knowledge, develop new clean technologies and explore practical ways of implementing them.
Forward Looking Statements: Certain information regarding the Company in this news release, including management's assessment of future plans, may constitute forward-looking statements and necessarily involve risks including, without limitation, risks associated with bitumen development, exploitation, production, marketing and transportation. As a consequence E-T Energy's actual results from the field tests, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or, if any of them do so, what benefits E-T Energy will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. This communication does not necessarily contain all the information that a recipient may require or desire. Any reliance or use of such information is done at the recipient's sole risk. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. E-T Energy is not a reporting issuer in any jurisdiction.
SOURCE E-T Energy Ltd.
For further information: For further information: E-T Energy Ltd., 4895 35B Street SE, Calgary, AB, T2B 3M9, CANADA, Email: firstname.lastname@example.org, Julie Chan, Vice President, Telephone: (403) 569-5102