CALGARY, Alberta, Jan. 23, 2018 (GLOBE NEWSWIRE) -- Raise Production Inc. (TSX-V:RPC) ("Raise" or the "Company") is pleased to provide an update to its shareholders on recent activities related to its High Angle Lift Solution (“HALS”).
Canada
In August 2017, the Company deployed a component of the HALS system (the High Angle Reciprocating Pump) for an Exploration and Production (“E&P”) company to test performance and productivity against existing technologies. In December 2017, the same E&P company purchased nine additional HALS (High Angle Reciprocating Pumps) in the same area based on the performance of the test installation. We now have a commitment for 40 additional installations on newly drilled horizontal wells throughout 2018 for this E&P company.
This E&P company will also be testing the complete HALS system (High Angle Reciprocating Pump in conjunction with Raise’s WaveBreaker, Reveal Separator and Fluid Seeker) to improve horizontal well flow in addition to efficiencies and improvement already gained with the High Angle Reciprocating Pump component. Demonstrated economic and productivity improvements are the drivers for this commitment from the E&P company.
United States
Initial production increases have been significant for our customers in Permian and Eagle Ford deployments since installations in November 2017. The Company expects to have additional sales in these formations soon once system longevity is proven and production has stabilized.
The Company will also be running its first STACK formation installations in Oklahoma in early March 2018.
The Company advises shareholders to periodically visit its website for updated presentations and upcoming events.
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:
Eric Laing, President and Chief Executive Officer
E-mail: elaing@raiseproduction.com
Susan Scullion, Chief Financial Officer
E-mail: sscullion@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 potential to increase recoverable reserves for customers by utilization of the HALS and HART systems, 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 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.