CALGARY, Alberta, Oct. 16, 2020 (GLOBE NEWSWIRE) -- Acceleware® Ltd. (“Acceleware” or the “Company”) (TSX-V: AXE), a leading developer of technologies targeting low-cost and clean extraction of heavy oil and bitumen, including enabling the development of low-carbon bitumen beyond combustion initiatives, today announced that the Company has cleared a significant regulatory hurdle for its RF XL Marwayne Pilot Project first announced on May 20th, 2020. The Alberta Energy Regulator (AER) has issued Approval No. 13019 pursuant to the Company’s Experimental Scheme Application under the Oil Sands Conservation Act (OSCA) for the recovery of crude bitumen using RF XL at Marwayne.
The approval allows Acceleware to move ahead with the execution phase of the project and the Company has commenced ordering long-lead equipment and materials. Acceleware currently estimates construction to start as early as January, 2021, and heating as early as March, 2021. The initial heating phase of the project is planned for approximately six months, which may be extended by Acceleware to capture additional information on the efficiency and operation of the technology.
“Acceleware is excited to receive the experimental scheme approval from the AER to proceed with the Marwayne project,” said Geoff Clark, Chief Executive Officer of Acceleware. “We have successfully demonstrated to the AER not only the potential of RF XL, but also that we have a credible plan in place to validate that potential in the field. We have had the RF XL converter electronics in our hands for several months now, and with this approval we are moving full-speed ahead to secure the materials and contractors required to execute the test successfully. Acceleware appreciates the ongoing support of our funders, Emissions Reduction Alberta and Sustainable Development Technology Canada, and our pilot project partner, Broadview Energy Ltd.”
The Company intends to provide updates on the project as material developments occur.
ABOUT ACCELEWARE:
Acceleware (www.acceleware.com) is an innovator of clean-tech oil and gas technologies comprised of two business units: Radio Frequency (RF) Enhanced Oil Recovery and Seismic Imaging Software.
Acceleware is developing RF XL, its patented and patent-pending low-cost, low-carbon production technology for heavy oil and oil sands that is materially different from any heavy oil recovery technique used today. Acceleware's vision is that electrification of heavy oil and oil sands production can be made possible through RF XL, supporting a transition to much cleaner energy production that can quickly bend the emissions curve downward. Further, Acceleware’s RF XL technology could be a key component of an end-to-end integrated carbon management system that can eliminate greenhouse gas (GHG) emissions associated with heavy oil and oil sands production, whether for fossil fuels, or for future clean bitumen by-products such as petrochemicals, carbon fibre, and blue or green hydrogen production. RF XL uses no water, requires no solvent, has a small physical footprint, can be redeployed from site to site, and can be applied to a multitude of reservoir types. In shallow oil sands implementations, no tailings ponds will be required.
The Company’s seismic imaging software solutions are state-of-the-art for high fidelity imaging, providing the most accurate and advanced imaging available for oil exploration in complex geologies. Acceleware is a public company listed on Canada’s TSX Venture Exchange under the trading symbol “AXE”.
ABOUT SUSTAINABLE DEVELOPMENT TECHNOLOGY CANADA (SDTC)
SDTC helps Canadian companies develop and deploy competitive, clean technology solutions, to help solve some of the world’s most pressing environmental challenges: climate change, clean air, clean water and clean soil.
By taking a cross-Canada approach, from seed to scale, and in partnership with the best peers and experts, SDTC is the global benchmark for sustainable development innovation programming.
As an independent federal foundation and flagship program, SDTC’s funding of Canadian entrepreneurs has created jobs, growth and long-term prosperity for Canada. Since inception, SDTC has invested over $1.15 billion in 400 companies, creating 13,000 jobs. SDTC companies have reduced greenhouse gas emissions by an estimated 18.1 megatonnes annually, equivalent to the energy it takes to heat 600 million homes.
ABOUT EMISSIONS REDUCTION ALBERTA (ERA):
For more than 10 years, ERA has been investing the revenues from the carbon price paid by large final emitters to accelerate the development and adoption of innovative clean technology solutions. Since ERA was established in 2009, they have committed $611 million toward 185 projects worth $4.4 billion that are helping to reduce GHGs, create competitive industries and are leading to new business opportunities in Alberta. These projects are estimated to deliver cumulative reductions of 34.7 million tonnes of CO₂e by 2030.
NOTE REGARDING FORWARD-LOOKING INFORMATION AND OTHER ADVISORIES
This news release contains “forward-looking information” within the meaning of Canadian securities legislation. Forward-looking information generally means information about an issuer’s business, capital, or operations that are prospective in nature, and includes disclosure about the issuer’s prospective financial performance or financial position.
The forward-looking information in this press release can be identified by terms such as “believes”, “estimates”, “plans”, “potential”, and “will”, and includes information about the anticipated timeline of the development and testing of the RF XL technology. Acceleware assumes that remaining regulatory approvals will be granted, construction will proceed as expected, and that future capital raising efforts will be successful.
Actual results may vary from the forward-looking information in this press release due to certain material risk factors. These risk factors are described in detail in Acceleware’s continuous disclosure documents, which are filed on SEDAR at www.sedar.com.
Acceleware assumes no obligation to update or revise the forward-looking information in this press release, unless it is required to do so under Canadian securities legislation.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this release in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
DISCLAIMER
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.
For more information:
Geoff Clark
Tel: +1 (403) 249-9099
geoff.clark@acceleware.com
Acceleware Ltd.
435 10th Avenue SE
Calgary, AB, T2G 0W3
Canada
Tel: +1 (403) 249-9099
www.acceleware.com