An international company based in Alberta, Canada, Entec provides HDD services and technology development to the oil and gas industry.

This new agreement extends upon an Oil Sands Licensing Agreement from March 2009, in which Entec granted APEC North American license rights to its drilling solutions programs. Under the new purchase agreement, APEC will be able to use and license these solutions worldwide.

According to the terms of the acquisition, APEC will pay $US7 million and issue 12 million restricted common shares to Entec shareholders. In addition, APEC will raise $US5 million for working capital. President and Chief Executive Officer of Entec Grant Jameson will be appointed a Director of APEC.

APEC will use Entec HDD solutions to enhance current oil recovery in the Alberta and Saskatchewan oil sands, and make the exploitation of shallower depth oil sands more environmentally acceptable and cost efficient.