Calgary, Canada, April 06, 2017 --(PR.com
)-- E-T Energy Ltd. ("ETEL" or the "Company") today announces that its inability to finance its administrative and operational activities has led to the resignation of all the members of the Board of Directors except for Dr. Bruce McGee, effective immediately. Furthermore, the exclusive license for use of the ET-DSP™ technology (to produce heavy oil and bitumen applications) has been repatriated by McMillan-McGee. E-T Energy retains non-exclusive rights to the technology. Despite the efforts of the Board of Directors and the prevailing commodity prices, the company has been unable to obtain financing, effect a sale of the company or other strategic transactions. It is also noted that the previously announced potential transaction with Bayshore Energy will not be proceeding.
About E-T Energy Ltd.:
E-T Energy is a private company focused on in situ electro-thermal extraction of bitumen from oil sands using the proprietary ET-DSP™ process. The ETDSP™ process offers several advantages which 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.
Dr. Bruce McGee, CEO, 403-569-5101 or