Calgary, Alberta--(Newsfile Corp. - March 13, 2019) - Raise Production Inc. (TSXV: RPC) ("Raise" or the "Company") is pleased to provide an operational update to its shareholders.
The Company has three systems that can be used independently or in combination in horizontal wellbores:
- the High Angle Reciprocating Pump ("HARP™");
- the Raise Efficient Artificial Lift ("REAL™") formerly known as the High Angle Lift Solution ("HALS"); and
- the Horizontal Artificial Recovery Technology ("HART™").
As part of the Company's commercialization effort, the decision was made to rebrand the HALS system as the Raise Efficient Artificial Lift ("REAL™") system.
Canada
As stated in the Company's last press release dated February 27, 2019, the Company recently installed its first HARP™ in a new Montney wellbore. As planned, the customer activated the HARP™ in early March after its surface equipment was installed. Consistent with the recent installs in the Cardium and Glauconite formations, this new Montney install has performed above expected production rates, has eliminated gas locking and has reduced pump jack strokes per minute ("SPM"). An overlooked aspect and a major cost benefit to Raise's customers is that the high efficiency of the HARP™ often allows the opportunity to decrease pump jack SPM resulting in reduced power costs. This is indeed a result which has been observed, and noted, on this first Montney well. Discussions around future installs are currently underway with this, and numerous other potential customers in the Montney formation.
The Company will be posting its sales activity from its Customer Relationship Management database on its website www.raiseproduction.com beginning March 16th and will provide bi-weekly updates which will allow investors to monitor the Company's sales and commercialization initiatives.
USA
Endurance Lift Solutions ("ELS") continues to promote the HARP™ and REAL™ systems in the USA. ELS has recently installed the Company's re-designed HARP™ Generation 2 with material and design changes that can handle deeper, higher volume wellbores. Recent installs in the Eagle Ford and Permian Basin have been so successful that Raise has just installed its first HARP™ Generation 2 system in a wellbore for one of the most active operators in the Permian Basin. Initial results from this installation are extremely encouraging.
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 oil and gas wells.
For further information please contact:
Tom Kehoe, Investor Relations
E-mail: tkehoe@raiseproduction.com
Eric Laing, President and Chief Executive Officer
E-mail: elaing@raiseproduction.com
Raise Production Inc.
2620-58th Avenue S.E.
Calgary, Alberta T2C 1G5
Tel: (403) 699-7675
Web site at: www.raiseproduction.com
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 to obtain financing to provide working capital to fund operations, the availability of credit, the ability to commercialize products and operations, the potential to increase recoverable reserves for customers by utilization of the HARPTM, REALTM and HARTTM systems, estimates regarding current and projected cash resources and cash flow anticipated sales, 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; the availability of skilled labour, services and equipment, general economic and financial market conditions, the legislative and regulatory environment of the jurisdictions where the Company carries on business 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: deployment and commercialization of the Company's products 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.
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