CALGARY, ALBERTA--(Marketwired - March 15, 2017) -
(NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA)
DIVERGENT Energy Services Corp. ("Divergent" or the "Corporation") (TSX VENTURE:DVG) is pleased to provide the following update on the Linear Electromagnetic Submersible Pump Update (the "Linear Pump").
The Corporation is currently waiting for its industry partner to assign a service rig for the installation of the Linear Pump. Unfavourable weather and high volumes of service work on existing oil wells continue to cause delays in resuming installation at the test well.
As stated in the November 28, 2016 press release, the power cable that delivers electricity to the Linear Pump had ground faults that prematurely ended the test. The issue has been identified and a corrective measure is in place that will be implemented with the next installation.
Updates on the installation and the Linear Pump's subsequent performance will be provided as further information becomes available. A detailed operations update and outlook will be provided with the release of 2016 year-end Financial Statements and MD&A.
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, including its revolutionary Linear Electromagnetic Submersible Pump. Divergent's Pump is approaching commercialization and is targeted to replace traditional oil pumpjacks. Other Divergent products currently in use by its oil and gas industry customers include Electric Submersible Pumps and Electric Submersible Progressing Cavity Pumps.
The Corporation's long-term strategy is to be a premier supplier of submersible pumping products that increase production, reduce operating costs, improve energy consumption and reduce carbon footprint. The commercialization of our Linear Pump will provide oil companies with the opportunity to capitalize on these benefits, while differentiating Divergent within a competitive and growing market.
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.
This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to the use of proceeds and the closing of the private placement including the Corporation's ability to obtain necessary approvals from the TSX Venture Exchange. 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. The Corporation does not undertake to update any forward-looking information except in accordance with applicable securities laws.