Inject steam first to heat up the bitumen.
Then inject oxygen to ignite the bitumen like a charcoal briquet.
Proven oil technology must have 6-12 months of uninterrupted operation.
Ramping up its 100,000 barrel per day operation.
ET Energy raising money for a 10,000 barrel per day pilot. Second quarter 2010.
Open ended upside in terms of size of the commercial scale projects.
$12000/barrel of oil per day
$10-12/operating cost per barrel
10% IRR for WTI $26/barrel