CALGARY, ALBERTA–(Marketwired – May 30, 2016) –
(Not for dissemination in the United States of America)
DIVERGENT Energy Services Corp. (“Divergent” or the “Corporation”) (TSX VENTURE:DVG) is pleased to announce that a second-generation Linear Electromagnetic Submersible Pump (the “Pump”) was installed in an oil well in Southeast Saskatchewan on May 17, 2016. The Pump started without issues and is operating at expected pump efficiency and with a reduction in average power draw as compared to the previous installation.
The Pump has been producing 19.7 m3/d (124 bbl/d) from a depth of 1,360m (4,462′). Pumping rates will be incrementally increased towards the anticipated upper limit of 27 m3/d (170 bbl/d).
As compared to the Pump installed on January 22, 2016, the current Pump is using an average of 9% less electricity, which is attributed to reduced friction within the motor and results from an improved lubricant.
The Corporation is pursuing additional installations with clients that have expressed interest in the Pump’s potential to reduce operating costs from both rod wear and electricity usage.
ABOUT THE PUMP
The Linear Electromagnetic Submersible Motor creates the reciprocating motion that is conventionally created at surface by pumpjacks and transferred to the pump by sucker rods. By creating motion at the bottom of the well, the mechanical efficiency is increased with the motor coupled directly to the downhole, reciprocating positive-displacement pump. The Pump is powered and controlled by a variable frequency drive at surface via an industry standard electric cable that is attached to the outside of the production tubing. The elimination of surface lifting equipment and sucker rods directly reduces operating costs in environments such as deviated and horizontal wells.
ABOUT DIVERGENT ENERGY SERVICES CORP.
Headquartered in Calgary, Alberta, DIVERGENT Energy Services Corp. provides an array of artificial lift products and services that are used in the oil and gas industry. Products include Linear Electromagnetic Submersible Pumps, Electric Submersible Pumps and Electric Submersible Progressing Cavity Pumps.
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements, including, without limitation, statements pertaining to the installation of additional hardware and the starting of the Pump. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Corporation’s disclosure documents on the SEDAR website at www.sedar.com. Forward-looking statements are based on estimates and opinions of management of the Corporation at the time the information is presented. The Corporation may, as considered necessary in the circumstances, update or revise such forward-looking statements, whether as a result of new information, future events or otherwise, but the Corporation undertakes no obligation to update or revise any forward-looking statements, except as required by applicable securities laws.
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.
Ken Berg
President and Chief Executive Officer
(403) 543-0060
(403) 543-0069 (FAX)
DIVERGENT Energy Services Corp.
Scott Hamilton
Chief Financial Officer
(403) 543-0060
(403) 543-0069 (FAX)
www.divergentenergyservices.com
