Open Range Energy Corp.
TSX : ONR

Open Range Energy Corp.

May 11, 2011 08:30 ET

Open Range Energy Corp. Receives Notice of Patent Acceptance for Its Poseidon Concepts' Modular Fracturing Fluid Tank Design

CALGARY, ALBERTA--(Marketwire - May 11, 2011) - Open Range Energy Corp. ("Open Range" or the "Company") (TSX:ONR) is pleased to announce that its wholly owned Poseidon Concepts business unit has been granted a Notice of Allowance from the Canadian Intellectual Property Office accepting its patent application for its modular fracturing fluid handling system.

The patent strengthens the Poseidon tank's differentiation in the fracturing fluid storage market. Poseidon's patented system is centred on providing the upstream oil and natural gas sector with superior performance and cost savings versus traditional methods.

Poseidon expects to be issued its formal Canadian patent documents in the coming months. The Canadian patent significantly advances Poseidon's U.S. patent application, which was filed concurrently with the Canadian application.

While the expected seasonal impact of spring break-up has temporarily slowed Canadian tank rental activity, Poseidon's U.S. expansion continues to accelerate. Fleet expansion is ongoing to meet increasing demand and the Poseidon tank fleet is currently at 100 systems in North America.

Reader Advisory

This news release contains certain forward-looking statements, which include assumptions with respect to (i) demand for Poseidon Concepts' tank systems and the corresponding utilization rate and operating margins; and (ii) general oil and gas industry activity. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. All such forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond Open Range's control. Such risks and uncertainties include, without limitation, risks associated with the manufacture and supply of fracturing fluid handling systems, marketing and transportation, loss of markets, volatility of commodity prices, currency and interest rate fluctuations, environmental risks, competition from other fluid handling system suppliers, inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada and the United States, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, as well as stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof. Open Range's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits, including the amount of proceeds, Open Range will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to Open Range or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Additional information on the foregoing risks and other factors that could affect Open Range's operations and financial results are included in the Company's annual information form and other reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Open Range does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

THE TORONTO STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED OF THE INFORMATION CONTAINED HEREIN.

Contact Information

  • Open Range Energy Corp.
    A. Scott Dawson, P.Eng.
    President and Chief Executive Officer
    403-205-3704

    Open Range Energy Corp.
    Lyle D. Michaluk, CA
    Vice President, Finance and Chief Financial Officer
    403-262-9280
    www.openrangeenergy.com