ETX Systems

Press Release

Date: December 15, 207

Feasibility Study Supports Claims for ETX Upgrading in a Field Setting

CALGARY, AB – ETX Systems announced the completion of their Feasibility Study and Class V Cost Estimate for a 20,000 BPD Field Upgrader. The integrated design includes the ETX Upgrader and fractionation, water treatment facilities incorporation falling film evaporators and Circulating Fluidized Bed Boiler (CFB) technology for steam generation and environmental clean up. The final product will be sour distillate/gas oil which will meet pipeline specifications without diluent addition.

"The capital cost certainly supports positioning the technology for use in field upgrading and is lower than what we were carrying as a working basis prior to completion of the study", says Ross Holuk, VP Engineering and Operations.  ”The reduction in capital scope is realized through the integrated design which significantly reduces the fractionation scope and eliminates field requirements for secondary upgrading and the hydrogen production. The ETX Upgrader will produce a liquid yield significantly greater than alternative coking approaches and utilize the combustion of marginal products for steam generation in the CFB.  Our design team, which includes Noram Engineering in Vancouver, a cost estimator with significant experience with oil sands projects in North Eastern Alberta, and well known technology vendors, has completed a Feasibility Study that we are very proud of.  We are confident that this study will pass third party scrutiny and are anxious to start this process."

ETX Systems has embarked on a major due diligence initiative to review the design concept and cost estimate. This work will continue into 1Q2008, and is being carried out by Jacobs Consultancy in Chicago. “We are confident that we have found the correct synergy between technologies that will enable the  field upgrading concept”, explains Holuk. "We now need industry reviews to corroborate this case.”

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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