CALGARY, ALBERTA -- (Marketwired) -- 01/19/15 -- Raise Production Inc. (TSX VENTURE: RPC) ("Raise" or the "Company") is pleased to provide an update for shareholders regarding the material and production process for the replacement part discussed previously in our operational updates.
The Company has tested several iterations of the material and production processes and has finalized its design criteria. Raise has chosen a supplier who we believe can provide the level of quality and consistency required to re-deploy the system into a wellbore. Due to the holiday season, the Company experienced delays in delivery of the material we require to finish test qualifications of the commercial product and re-deploy the System. Raise anticipates receipt of the material within the next few weeks and we will begin shop testing to confirm the material meets specifications. Following successful completion of the shop tests, the Company will continue functional tests with a field redeploy as soon as practicable.
Eric Laing, President and CEO of Raise, said "we have made significant strides in the last few months to finalizing what we anticipate will be one of the last major hurdles in establishing the commercial viability of the System. I wish to thank our shareholders for their support and patience during the last quarter as research & development of innovative technologies must respond to time challenging issues".
About Raise Production Inc.
The Company is an innovative oilfield service company that focuses its efforts on the production service sector, utilizing its patented products to enhance and increase ultimate production in both conventional and unconventional horizontal oil and gas wells.
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 of the Company to obtain required capital to finance its new product development, the successful completion of further product development and testing, the ability to commercialize products and operations, 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; 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 opinions 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. Forward-looking statements are subject to certain risks and uncertainties that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. 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 outcomes.
Contacts:
Raise Production Inc.
Eric Laing
President and Chief Executive Officer
elaing@raiseproduction.com
Raise Production Inc.
Scott Riddell
VP, Business Development
sriddell@raiseproduction.com
Raise Production Inc.
(403) 699-7675
www.raiseproduction.com
