CALGARY, Alberta, Sept. 17, 2020 (GLOBE NEWSWIRE) — Acceleware® Ltd. (“Acceleware” or the “Company”) (TSX-V: AXE), a leading developer of technologies targeting low-cost and clean extraction of heavy oil and bitumen, including enabling the development of low-carbon bitumen beyond combustion initiatives, today announced that the United States Patent and Trademark Office has granted patent No. 10,760,392, Apparatus and Methods for Electromagnetic Heating of Hydrocarbon Formations (the “Patent”). The Patent’s claims protect the fundamental design and operational elements that are key to delivering the numerous benefits of RF XL, including higher efficiencies, lower capital and operating costs, and cleaner extraction when compared to other oil sands and heavy oil production methods. Receipt of the Patent is an important milestone in Acceleware’s drive to successfully commercialize its revolutionary RF XL technology.
The Patent’s claims protect numerous aspects of the RF XL system, including the concept of an underground lossy transmission line as the method of delivering electromagnetic energy into the geological formation in an efficient and scalable manner. The simplicity of the resulting heating and recovery system is not only expected to be far less capital intensive to build and operate than a steam-assisted gravity drainage (“SAGD”) scheme, but is also expected to have significant environmental benefits. The Patent’s claims outline a system that requires no external water, can reduce greenhouse gas emissions that are associated with production to almost zero (depending on electricity source), and does not require the use of solvents.“This Patent represents the cornerstone of Acceleware’s portfolio of intellectual property (‘IP’) related to our RF XL technology and we are very pleased to have it granted while we work to complete our commercial pilot at Marwayne,” said Geoff Clark, CEO of Acceleware. “In addition, we continue to generate new IP and file additional patent applications to further protect RF XL and other technologies that can support our long-term vision of Acceleware playing a meaningful role in the world’s transition to a prosperous, energy-rich and low-carbon future.” Key claims in the Patent that differentiate RF XL from other RF technologies developed or tested to date include:
RF XL uses an open (lossy) transmission line instead of a single well dipole antenna;The open transmission line design allows the delivery of high levels of RF power, resulting in economic recovery of resources without added solvents;The open transmission line allows for low frequency operation which results in materially lower transmission losses compared to high frequency (dipole) systems;Lower frequency operation allows for the use of solid-state silicon carbide transistors in the RF generation electronics, further increasing efficiency and reducing capital costs;The open transmission line eliminates the need for complex, expensive, failure-prone and lossy chokes and matching circuits that are common to dipole antenna-based designs; andThe RF XL transmission line concept supports long heating well length (500m to 2000m) with attractive conformance levels, compared with uneven heating and lower length limits for dipole-based systems. The commercial implications of these design elements are significant and pave the way for efficient electrification of thermal enhanced oil recovery, while opening the door for heavy oil to potentially expand into low-carbon production of hydrogen, carbon fibre, and other “bitumen beyond combustion” uses. The Patent, along with others that have been granted to the Company or are pending, is expected to provide broad protection for the RF XL design as well as design improvements which increase the system’s efficiency and extend its reach into different markets and applications.ABOUT ACCELEWARE:
Acceleware (www.acceleware.com) is an innovator of clean-tech oil and gas technologies comprised of two business units: Radio Frequency (RF) Enhanced Oil Recovery and Seismic Imaging Software. Acceleware is developing RF XL, its patented and patent-pending low-cost, low-carbon production technology for heavy oil and oil sands that is materially different from any heavy oil recovery technique used today. Acceleware’s vision is that electrification of heavy oil and oil sands production can be made possible through RF XL, supporting a transition to much cleaner energy production that can quickly bend the emissions curve. Further, Acceleware’s RF XL technology could be a key component of an end-to-end integrated carbon management system that can eliminate greenhouse gas (GHG) emissions associated with heavy oil and oil sands production, whether for fossil fuels, or for future clean bitumen by-products such as petrochemicals, carbon fibre, and blue or green hydrogen production. RF XL is quick to deploy, uses no water, requires no solvent, has a small physical footprint, can be redeployed from site to site, and can be adapted to a multitude of reservoir types. In shallow oil sands implementations, no tailings ponds will be required. The Company’s seismic imaging software solutions are state-of-the-art for high fidelity imaging, providing the most accurate and advanced imaging available for oil exploration in complex geologies. Acceleware is a public company listed on Canada’s TSX Venture Exchange under the trading symbol “AXE”. NOTE REGARDING FORWARD-LOOKING INFORMATION AND OTHER ADVISORIES This news release contains “forward-looking information” within the meaning of Canadian securities legislation. Forward-looking information generally means information about an issuer’s business, capital, or operations that are prospective in nature, and includes disclosure about the issuer’s prospective financial performance or financial position. The forward-looking information in this press release can be identified by terms such as “believes”, “estimates”, “plans”, “potential”, and “will”, and includes information about the anticipated benefits of the RF XL technology. Acceleware assumes that research and development and commercialization effort including the commercial-scale test plans will result in commercial-ready products and that future capital raising efforts will be successful.Actual results may vary from the forward-looking information in this press release due to certain material risk factors. These risk factors are described in detail in Acceleware’s continuous disclosure documents, which are filed on SEDAR at www.sedar.com. Acceleware assumes no obligation to update or revise the forward-looking information in this press release, unless it is required to do so under Canadian securities legislation. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this release in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. DISCLAIMER
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. For more information:
Geoff Clark
Tel: +1 (403) 249-9099
geoff.clark@acceleware.comAcceleware Ltd.
435 10th Avenue SE
Calgary, AB, T2G 0W3
Canada
Tel: +1 (403) 249-9099
www.acceleware.com
Bay Street News