Calgary, Alberta--(Newsfile Corp. - June 8, 2026) - Acceleware Ltd. (TSXV: AXE) ("Acceleware" or the "Company") is pleased to announce it has acquired 35 net sections of heavy oil assets located in the Mannville Stack in Saskatchewan (the "Assets") from a private oil and gas company. The Company paid $100,000 cash and granted a gross overriding royalty on future production. The Assets comprise 35 net sections of land across a multi-zone heavy oil fairway, one horizontal well in the Rex zone producing 15 barrels of working interest heavy oil per day before royalties, another horizontal well requiring a workover, along with associated surface leases and infrastructure. The acquisition provides a low-cost, scalable entry point into a heavy oil resource base aligned with multi-well RF XL 2.0 development. The transfer of well and facility licenses is conditional upon regulatory approval.
"This acquisition provides Acceleware with a highly strategic, low-cost entry into a multi-zone Mannville Stack asset with existing production and significant development upside," said Geoff Clark, Chief Executive Officer of Acceleware. "The assets combine a producing Rex zone well with a large land position which we believe is well suited for both cold-flow multilateral and RF XL 2.0 development. This establishes a strong foundation for future deployment and production growth."
The Assets provide a combination of existing production and undeveloped upside, enabling the Company to pursue a staged development approach. Initial plans include maintaining production from the Rex zone, while evaluating production enhancing opportunities in existing wells. The Company also intends to advance subsurface and reservoir characterization across the stacked Mannville intervals, while completing necessary regulatory and environmental baseline work. Subsequent phases are expected to include drilling multilateral cold-flow horizontal wells and designing an RF XL 2.0 development plan targeting multiple zones. Based on reservoir characteristics identified to date, Acceleware believes select Mannville Stack intervals represent strong candidates for RF XL 2.0 recovery.
This acquisition represents a key step in Acceleware's strategy to build a portfolio of heavy oil assets suited for RF XL 2.0 deployment while generating near-term production. The Assets provide immediate production exposure through the existing Rex zone wells, along with access to bypassed and undeveloped heavy oil resources. In combination with the Company's two previously announced farm-in projects, this acquisition significantly strengthens Acceleware's inventory within a core heavy oil fairway and establishes a platform for scalable development and future technology deployment.
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 2.0, 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.
Disclaimers
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 benefits of RF XL 2.0, development plans for the Assets, the suitability of the Assets for multilateral and RF XL 2.0 development, and future development plans and timing. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company. The material facts and assumptions include: that initial studies of reservoir characteristics of the Assets are accurate and can be applied to the Assets as a whole, the applicability of RF XL 2.0 to heavy oil production at the Assets are accurate, that financing for the development plans will be available, and the timeline estimates are reasonable. Actual results may vary from the forward-looking information in this news release due to certain material risk factors. 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 http://www.sedarplus.ca/. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated 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. Due to the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. 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.
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Source: Acceleware Ltd.