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Energtek Granted Commercial License to Produce and Sell Natural Gas in Southern Israel

Posted on: Tuesday, 24 March 2009, 05:30 CDT

NEW YORK, March 24 /PRNewswire-FirstCall/ -- Energtek Inc., a world leader in the development of Adsorbed Natural Gas (ANG) technology, today announced that its wholly-owned subsidiary, Energtek Products Ltd., was granted a commercial license for the exploration, production and sale of natural gas in Israel's Northern Negev region.

Natural Gas Exploration and Production License Number 376, granted by Israel's Ministry of National Infrastructures, enables Energtek Products to produce natural gas on exploration block of approximately 19,000 acres. An existing well on the site already enables the production of small quantities of natural gas. The license also enables Energtek Products to explore for additional gas quantities.

Energtek plans to apply its LMP(TM) (Low-pressure Mobile Pipeline) bulk transportation technology to transport and sell natural gas produced on this site to local industrial energy consumers. The proprietary LMP(TM) system enables the cost-effective transport of natural gas in areas without developed pipeline infrastructure.

Earlier this year a significant natural gas discovery was announced: Tamar 1, with a proven reserve of over 5 trillion cubic feet (Tcf) of natural gas located off the coast of Haifa, Israel. While there is enough gas in the reserve to supply a major percentage of Israel's commercial needs, Israel currently does not have a developed natural gas pipeline distribution network.

Additionally, there are a number of onshore gas fields in Israel with small gas production potentials that cannot be realized using traditional pipeline transport technologies. The development of sufficient pipeline infrastructure often is not commercially viable due to economic and land-use concerns. Energtek's innovative gas supply solutions including LMP(TM) enable the local monetization of these gas resources.

"The granting of this license to Energtek lays the foundation for the commercial sale of natural gas to industrial consumers that are not connected to a pipeline grid," said Energtek CEO Lev Zaidenberg. "With the recent Tamar discovery, we are confident that natural gas will play an increasing role in supplying Israel's growing energy needs. And since building a pipeline distribution network is a long and expensive process, we anticipate growing demand for bulk transportation solutions such as LMP(TM)."

About Energtek

Energtek develops and applies proprietary low-pressure storage technology to provide complete well-to-wheel pipeless Natural Gas supply solutions to industrial consumers and fleets of small vehicles. Energtek's Natural Gas solutions reduce pollution and alleviate consumer energy costs. Energtek provides competitive bulk transportation solutions to industrial users and a profitable alternative motor fuel solution for 2- and 3-wheel vehicle drivers in Asia. Energtek operates subsidiaries in North America, Europe, Asia and the Middle East. To learn more about Energtek, visit http://www.energtek.com

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of Energtek and its technologies. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and other matters set in Energtek's filings. These risks and uncertainties could cause actual results to differ materially from those indicated in the forward-looking statements.

SOURCE Energtek Inc.

Source: PR Newswire

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