CALGARY, ALBERTA–(Marketwired – Feb. 23, 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”).
Horizontal Pumping System
The Company is pleased to inform shareholders that it has successfully re-deployed a System into the test partner wellbore. The System, consisting of pumps in the horizontal section of the wellbore and the Company’s proprietary vertical rod pump, will be tested to obtain additional guidance on the required specifications for deeper wells and shallow Viking/Cardium type wellbores as previously discussed in the Company’s press release dated November 22, 2016.
The deployment was performed without incident and all components are functioning as designed. Consistent with past practice, the Company will not be releasing any results until the wellbore has stabilized which may be a number of months.
The Company is also determining the next well candidate for installation and expects the next deployment to happen shortly after spring break up, which will be dependent on weather and road accessibility.
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.
These forward-looking statements include, among other things, the suitability of the System for the stated purposes; the availability of the optional supplier if quantities exceed the capability of the first manufacturer, or there is an unforeseen development which necessitates a change of supplier; the success and timing of the finalization of part qualification, System deployment and rod pump deployment; and the availability of resources to dedicate to finalizing design and function testing of rod pumps.
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 finance its new 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 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
elaing@raiseproduction.com
Raise Production Inc.
Susan Scullion
Chief Financial Officer
sscullion@raiseproduction.com
Raise Production Inc.
(403) 699-7675
www.raiseproduction.com