March 27, 2017 11:01 PM ET

Oil, Gas and Consumable Fuels

Company Overview of E-T Energy Ltd.

Company Overview

E-T Energy Ltd. engages in developing, operating, producing, and selling recoverable bitumen found in the Athabasca oil sands deposits. It uses the electro-thermal dynamic stripping process (ET-DSP) for the in situ production of bitumen from oil sands deposits, which is an electro-thermal process that couples electrical heating with heat transfer by convection and conduction, using a drilled grid of electrode and extraction wells. The company has a strategic relationship with ConTherm Management, LLC. E-T Energy Ltd. was incorporated in 2004 and is based in Calgary, Canada.

525 11th Avenue SW

Suite 550

Calgary, AB T2R 0C9

Canada

Founded in 2004

Phone:

403-569-5100

Fax:

403-272-7201

Key Executives for E-T Energy Ltd.

Chief Executive Officer, President and Director
Vice President Engineering, Project and Regulatory Affairs
Vice President of Procurement & Logistics
Vice President of Marketing
Compensation as of Fiscal Year 2016.

E-T Energy Ltd. Key Developments

Bayshore Petroleum Ends Talks With E-T Energy

Bayshore Petroleum Corp. ends talks with E-T Energy Ltd. Bayshore Petroleum said that Bayshore will not be executing a merger or acquisition agreement with E-T Energy at this time. Bayshore Petroleum Corp has concluded E-T Energy Ltd discussions.

Bayshore Still In Discussions With E-T Energy Ltd

Bayshore Petroleum Corp. continues its discussions with E-T Energy Ltd. The Company is therefore examining remaining options and alternatives to the previous transaction and shall provide a final resolution by September 23, 2016.

Bayshore Petroleum Corp and E-T Energy Ltd. Provide Operating Update on Development of Athabasca Oilsands Property

Bayshore Petroleum Corp. and E-T Energy Ltd. had entered into a memorandum of understanding and were conducting due diligence with the objective of producing diesel at ET's Poplar Creek, (Fort McMurray, Alberta) bitumen property. The original memorandum was terminated because the structure and content did not reflect the ongoing discussion between the Parties. The Parties are continuing their discussions and efforts to reach a definitive agreement. ET wholly owns 3,200 hectares of bitumen rights at Poplar Creek. It currently holds Alberta Energy Regulator approval to produce 1,000 b/d from this land using its electro-thermal dynamic stripping process ("ET-DSP") technology. ET's third party engineering report estimates that, as of October 1, 2011, ET's Poplar Creek property contained approximately 607 million barrels of bitumen in-place. ET and Bayshore have conducted due diligence on each other's technology during September and October 2015, and each party is satisfied with the results. In summary, the Parties are satisfied that the ET-DSP technology used at Poplar Creek will heat and extract bitumen using far less energy, and emitting far fewer greenhouse gas emissions, than SAGD (SOR equivalent typically less than 1.0); and that the CCC catalytic partial upgrade technology deployed downhole will in fact further lower the heat/energy required to produce bitumen to surface. Once at surface, the partially upgraded bitumen can be transformed to ULS diesel using CCC, which does not require high heat, hydrogen, water, pressures above ambient, or any exotic additives. Rack diesel fuel pricing is currently approximately three times the pricing of bitumen produced in the Athabasca Oilsands, and it is estimated that using these technologies can significantly reduce the costs of ULS diesel production, compared with traditionally deployed technologies. Therefore, Bayshore would like to further fund its operations and activities with ET.

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