ETX Systems

Press Release

Date: February 2, 2007

Formal resolution sought on capital costs associated with ETX Upgrading technology

CALGARY, AB – TX Systems has embarked upon a project aimed at establishing the capital costs associated with a commercial flowsheet centered on the ETX Upgrader. The project will be carried out using in-house personnel with support from external engineering contractors and vendors. Noram Engineering, the engineering partner of ETX Systems that completed the design of the D1 pilot demonstration, is involved.

"The entire industry is chasing capital costs. Rising costs are the most significant challenge, far ahead of any others.", explains Ross Holuk, VP Engineering and Operations. "Last summer we completed a capital estimate for a 1,000 bbl/d commercial demonstration unit. Having the hard number went a long way with the operating partners that we are talking with. We need to achieve the same resolution on a commercial flowsheet to confirm that significant scope reduction associated with the ETX Upgrader translates into real capital savings."

The flowsheet under development contemplates vertical integration with thermal bitumen production, in the so-called 'field upgrading' setting. The capital estimate will be complete in November 2007.

ETX Systems Inc. is a fit-for-purpose private entity based in Calgary, AB, whose sole mandate is to commercialize its patented IYQ Upgrading technology. The process claims to deliver revolutionary yields and qualities relative to delayed coking, for significantly less cost per barrel. The increased production of high quality liquids leads to reduced environmental impact, leveraged through both the upstream and downstream scope.  For more information contact Gerard Monaghan, CEO of ETX Systems Inc. (gerard.monaghan@etxsystems.com).

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