Enersoft Inc. Awarded Funding From TECTERRA

Calgary, Alberta--(Newsfile Corp. - October 1, 2019) - Enersoft Inc., a privately-owned technology company engaged in the business of developing innovative geologic technology solutions for the resource industry, today announced that it has been awarded funding from TECTERRA that will allow Enersoft to fully complete the commercial development of its Geologic AI modelling system over the next two years. Enersoft is also pleased to confirm that it has secured the first of three targeted technology development partners to advance the AI modelling system through commercialization.

Enersoft has developed unique technology solutions to provide improved geological understanding and reservoir insights at a fraction of the cost and time of existing methods. Using machine vision data acquisition and geoscientific machine learning computing platforms, Enersoft is able to measure key geological properties faster, at higher resolution and lower costs than existing alternatives, enabling reservoir understanding at an unprecedented level of detail. With its current products and services delivering faster, cheaper and better understanding of each individual well, this funding will allow Enersoft to use its machine vison data to model entire reservoirs at the sub-cm scale.

"We are grateful for the confidence and support that TECTERRA's funding commitment demonstrates," said Grant Sanden, Chief Executive Officer of Enersoft. "Enersoft's ability to completely automate the identification and analysis of geologic formations represents a huge potential benefit to Canada's oil and gas and mining sectors. With TECTERRA's considerable financial support, and our first development partner on board, we are well positioned to more quickly advance the commercial development of our machine vision technology from the single well to the entire reservoir scale."

About Enersoft

Enersoft Inc. is a private Canadian technology company focused on developing unique software, hardware and analytical products to provide valuable reservoir insights for exploration and production companies in the oil and gas and mining industries. Enersoft specializes in the generation and analysis of high-resolution geological data at the millimetre scale which is required for today's challenging unconventional resources.

Enersoft provides full-service solutions to the resource sector based on big data analytics, including a geoscientific computing platform for hosting, visualizing and processing geological big data sets, and a suite of machine vision technologies for acquiring and analyzing new types of high-resolution big data derived from geological samples.

About TECTERRA

TECTERRA Inc. is a national organization supporting the Canadian development and commercialization of geomatics technologies for integrated resource management. With current funding from the Province of Alberta and the Government of Canada, TECTERRA invests in technology solutions for energy, forestry, agriculture, environment, and land management and development applications. The first centre of its kind, TECTERRA works with industry, entrepreneurs, researchers, and government partners to enable the use of geomatics technologies in addressing local, national and global challenges in resource management. TECTERRA, a non-profit organization, is governed by an independent Board of Directors representing key industry sectors associated with TECTERRA's focus markets. For more information, visit www.tecterra.com.

For further information, please contact:

Grant Sanden, Chief Executive Officer
Enersoft Inc.
gsanden@enersoft.ca
Cell: 403.472.1384
www.enersoft.ca

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