CALGARY, ALBERTA–(Marketwired – July 6, 2017) – Raise Production Inc. (TSX VENTURE:RPC) (“Raise” or the “Company”) is pleased to provide an update to its shareholders on recent activities related to the Horizontal Wellbore Production System (the “System”) and High Angle Lift Solution (“HALS”).
Horizontal Wellbore Production System
After five months of successful testing without any issues to either downhole or surface equipment, the Company will be retrieving the System from the test partner wellbore within the next few weeks. Current commodity prices make it difficult to justify acceptable economic payout in this marginal producing wellbore. A post install inspection of all parts will be completed after the retrieval of the System. Two of the four pumps that will be retrieved have been utilized in the last two deployments and have over one year of downhole operational service without any issues. After the inspections are complete, the Company will determine the criteria for its next deployment.
The current test partner has agreed to install Raise’s HALS in two to three of its more prolific wellbores in SE Saskatchewan. The production results of these installs will give an indication of whether the horizontal System will be suitable in high water cut and higher total volume wells. This follows Raise’s strategy of a flexible and staged approach to artificial lift for deviated and horizontal wellbores.
High Angle Lift Solution (HALS)
The Company has a number of pending installations for various producing companies based on the performance of multiple HALS installs since October 2016 which proved continued sustainable production increases and equipment longevity. Included below is a case study that proves the effectiveness and economics of the HALS particularly in high gas to oil ratio wells without the need for additional separation equipment.
Raise’s HALS addresses the production challenges and downtime associated with the current artificial lift technology, while creating an overall positive outcome in the value chain with significant economic upside. The economics, based on customer driven metrics and incremental production gain, is summarized in the table below. The highlighted column represents typical results that show the annualized estimated value.
To view the table and graph associated with this release, please click on the following link: http://media3.marketwire.com/docs/1098744.pdf
Concurrent with this initiative, the Company has expanded its sales force and production engineering capability with strategic hires of experienced marketing and engineering individuals who bring the needed expertise to identify and provide solutions for our customers.
Future Opportunities
We continue to pursue additional markets in the continental USA where activity, particularly in the Permian basins, remains robust and new technology is being embraced. We will update our shareholders as we progress in this market segment. We remain confident that we can enter and impact a significant portion of the US basins this coming year.
About Raise Production Inc.
The Company is an innovative oilfield service company that focuses its efforts on the production service sector, utilizing its proprietary products to enhance and increase ultimate production in both conventional and unconventional horizontal oil and gas wells.
Neither 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 news release.
Certain information included in this news release constitutes forward-looking statements under applicable securities legislation. Forward-looking statements or information typically contain or can be identified by statements that include words such as “anticipate”, “assume”, “based”, “believe”, “can”, “continue”, “depend”, “estimate”, “expect”, “forecast”, “if”, “intend”, “may”, “plan”, “project”, “propose”, “result”, “upon”, “will”, “within” or similar words suggesting future outcomes or statements regarding an outlook. Such forward-looking statements or information are based on a number of assumptions that may prove to be incorrect. Assumptions have been made regarding, among other things: the ability of the Company to obtain required capital to continue to finance its product development, the successful completion of further product development and testing within predicted timelines or at all, the ability to commercialize products and operations, the ability to adequately protect proprietary information and technology from its competitors; the ability to obtain partnering opportunities; the ability to attract and retain key personnel and key collaborators; and the ability to successfully compete in targeted markets.
The forward-looking statements contained in this news release are made as of the date hereof and the Company does not undertake any obligation to publicly update or revise any of the included forward-looking statements, except as required by applicable Canadian securities law. Forward-looking statements are based upon the current opinions, estimates, projections, assumptions and expectations of management of the Company as at the effective date of such statements and, in some cases, information supplied by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and that information received from third parties is reliable, it can give no assurance that those expectations will prove to have been correct. By its nature, forward-looking information involves numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statement will not occur. These risks and uncertainties include, but are not limited to: the possibility that testing, deployment and commercialization of the System and Rod Pumps may not be successfully completed for any reason (including the failure to obtain the required approvals from regulatory authorities) and regulatory changes. Accordingly, readers should not place undue reliance upon the forward-looking statements contained in this news release and such forward-looking statements should not be interpreted or regarded as guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company’s continuous disclosure filings that are available at www.sedar.com.
Eric Laing
President and Chief Executive Officer
(403) 699-7675
[email protected]
Susan Scullion
Chief Financial Officer
(403) 699-7675
[email protected]
www.raiseproduction.com
