Raise Production Inc. Provides Operations Update
Calgary, Alberta--(Newsfile Corp. - July 10, 2019) - Raise Production Inc. (TSXV: RPC) ("Raise" or the "Company") is pleased to provide an update to its shareholders on recent activities related to its operations.
HARP™ (High Angle Reciprocating Pump)
Endurance Lift Solutions ("ELS") has installed HARP™ systems in the Granite Wash, Permian and South Texas fields and continues to order Generation 2 HARP™ systems with 20 HARP™ assemblies being ordered in late June (in addition to the 18 HARP's™ delivered in March and April 2019) with half of the order delivered in June and the remaining amount in early August due to special materials being involved.
The HARP™ results are showing increased productivity with one south Texas operator showing over 300% production improvement in oil and higher gas rate, while eliminating issues associated with high gas to liquid wellbores.
The Company continues to gain traction with recent installs in Alberta. The Company has recently installed an additional three HARP's™ for the previously announced operator in Northern Alberta, which now brings the total HARP™ installs for this operator to six or 20% of its HARP™ install candidates. Performance of the HARP™ in this area has been exceptional with increased productivity and greatly reduced operator intervention time required at the wellhead.
The Company has also secured installs in the Central Alberta area and has seen excellent results in the Cardium formation resulting in additional installs slated for August 2019. In Southern Alberta, the Company has installs slated for late July 2019 and early August 2019. The results from the Company's HARP™ installs in SE Saskatchewan are showing run life two-times longer than conventional systems and they continue to perform well.
In late June 2019, the Company hosted a Lunch and Learn for one of the largest E&P companies in Canada. The event was attended by 22 engineers dedicated to production operations and in the days that followed the Company has received requests for evaluations in three different areas. Raise will be holding additional events for target customers and following up at the field level to promote its technologies at all levels within the customer organizations.
Raise is seeking local representation in Northern and Central Alberta to offer improved service response times as these areas are a high priority based on the success in these areas to date. Raise is planning to have HARP™ distribution in local areas set up and operational as soon as reasonably possible, which will include inventory and training as well as increased sales and technical seminars being conducted for customers.
About Raise Production Inc.
The Company is an innovative oilfield technology 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
Eric Laing, President and Chief Executive Officer
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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