Calgary, Alberta--(Newsfile Corp. - April 29, 2026) - Acceleware® Ltd. (TSXV: AXE) ("Acceleware" or the "Company"), is pleased to announce that it has entered into a second farm-in agreement (the "Agreement") for one section of land, with an option for an additional half-section of land, targeting the Mannville Stack in Saskatchewan. The Agreement represents another step in the Company's stated strategy to build a portfolio of heavy oil production rights and a runway of field opportunities for RF XL 2.0 deployment, while maintaining a disciplined approach to capital deployment. Acceleware now has a total of two and one-half sections (including option lands) of Lloydminster-area Mannville stack land in its portfolio through farm-in agreements.

Under the Agreement, Acceleware will have the opportunity to drill an RF XL 2.0 horizontal well pair in exchange for a gross overriding royalty. Upon payout of Acceleware's invested capital, the farmors may elect to convert the royalty into a 40% working interest. The Agreement also provides the potential to drill additional well pairs on the property. Acceleware views the Mannville Stack in western Canada as a key target area for RF XL 2.0. Like the previously announced farm-in, the property's reservoir parameters, including viscosity and thickness are favourable, however, it is not large enough for economic development via thermal methods such as SAGD. With similar resources throughout western Canada, it is an opportunity to demonstrate how RF XL 2.0 can increase production, reduce operating costs, lower energy consumption and drive favourable economics. Acceleware is advancing its RF XL 2.0 Pilot at the Mannville farm-in in Saskatchewan, announced on December 9, 2025, and has commenced the application process with the Saskatchewan Ministry of Energy and Resources. Detailed design of the surface lease and well planning is underway.

"This agreement builds on the Company's earlier Mannville-focused farm-in and reflects continued progress in assembling field-ready opportunities," said Geoff Clark, Chief Executive Officer of Acceleware. "These farm-in agreements, and others that we are pursuing, are an excellent opportunity to show the potential of RF XL 2.0 while generating near-term revenue and cash flow from the production of heavy oil."

About Acceleware
Acceleware is an advanced electromagnetic (EM) heating technology company offering proprietary radio frequency (RF) power-to-heat solutions that increase production, reduce energy consumption and lower operating costs in large-scale industrial heating.

Its core innovation, the Clean Tech Inverter (CTI), is field-proven through an initial commercial-scale pilot of RF XL, Acceleware's thermal enhanced oil recovery technology designed to increase heavy oil production.

Acceleware is leveraging CTI expertise across sectors, with three mining projects underway for major operators and an amine regeneration project intended to dramatically reduce energy and costs also in progress.

Acceleware is publicly listed on the TSX Venture Exchange under the symbol AXE.

Cautionary Statements

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", "anticipates", "plans", "continues", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations or negatives of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might", "shall" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate to, among other things, statements relating to: the anticipated benefits and performance of RF XL 2.0; the use of RF XL 2.0 at the subject property in the Agreement; the Company's ability to drill one or more RF XL 2.0 horizontal well pairs on the subject lands; the payout and conversion of the royalty into a working interest at the subject property; the ability to sign other farm-in or asset acquisition agreements and the Company's ability to execute its strategy to build a portfolio of heavy oil production rights and field opportunities.

Forward-looking statements are based on certain material assumptions, including, without limitation: the continued applicability of RF XL 2.0 to the Mannville Stack heavy oil resource; the accuracy of geological, reservoir and engineering interpretations; the availability of capital and services on acceptable terms; the receipt of required regulatory approvals, including from the Saskatchewan Ministry of Energy and Resources, on a timely basis; the performance of counterparties under farm-in agreements; and prevailing commodity prices, operating costs and general economic and industry conditions. Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: the availability of investment capital and other funding; the performance of counterparties under farm-in agreement; the receipt of necessary regulatory approvals, including from the Saskatchewan Ministry of Energy and Resources; availability of financing for technology and project development; uncertainties and risks with respect to developing and adopting new technologies; general business, economic, competitive, political and social uncertainties; change in demand for technologies to be offered by the Company; and the Company's ability to access sufficient capital from internal and external sources. The Company cautions the reader that the above list of risk factors is not exhaustive and additional risk factors are described in detail in Acceleware's continuous disclosure documents, which are filed on SEDAR+ at www.sedarplus.ca.

The Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements contained in this news release should not be read as guarantees of future performance or results. Accordingly, readers are cautioned not to place undue reliance on such information. The forward-looking information included in this news release is made as of the date hereof, and the Company does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The foregoing statements expressly qualify any forward-looking information contained herein.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/294795

Source: Acceleware Ltd.