CALGARY, ALBERTA--(Marketwired - July 27, 2016) - 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").
The current deployment of the System has been successful in a number of ways including the collection of significant, valuable, and practical knowledge. Since the Company has learned as much as it can from this deployment, as of the end of this month the Company has decided to end the current field trial. Raise believes that the knowledge achieved, when combined with its method-based patents for multi-pump completions, makes the Company ready to begin the final steps toward commercialization. Raise continues to enhance its industry leading position in horizontal artificial lift technology.
This deployment has confirmed the following information:
- The System is functional and can operate on a continuous basis across a wide range of pressures in the target environment, for the duration required;
- The System allowed for consistent and selective control of inflow from the frac perforations and outflow from the pumps and into the production tubing;
- The newly designed rod pump in the vertical section worked without flaw and overcame gas locking, foaming, and gas interference at surface;
- This test allowed the Company to develop the proprietary criteria which will be implemented on all future deployments and is an invaluable tool for future commercialization; and
- The test confirmed the Company's theory that varying degrees of depletion have occurred along the wellbore. This confirms Raise's belief that existing artificial lift technology currently being used by industry has room for substantial improvement.
Over the next 30 to 60 days, the Company will continue to analyze the information collected, and strategize over which modifications to the System will be selected for the next deployment. At this time, the Company believes the System has proven to be robust enough to target substantially higher production wells. This will require electronic activation to enable much faster cycle times.
Eric Laing, President and CEO, is quoted as saying "It has become apparent that we have built a robust and reliable system. It is unique to the industry and functions even better than we had envisioned. However, the current activation system will need to be altered. We have much of the preliminary work done on the electronic activation in anticipation of this need for deeper longer well bores and we believe that this can be accelerated quite quickly. We have our patent in place covering multiple pumps in the horizontal wellbore. We have pumps that work together in series like we want them to in the horizontal section. I'm optimistic that we will be able to adapt the current System to utilize electronic activation that will enable commerciality. This step will allow Raise to move our technology forward for the betterment of the industry, employees and our shareholders."
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 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.