CALGARY, ALBERTA -- (Marketwired) -- 03/06/15 -- Raise Production Inc. (TSX VENTURE: RPC) ("Raise" or the "Company") is pleased to provide an operational update regarding its Horizontal Wellbore Production System ("the System").
During the past few weeks, the Company retrieved two Systems it had previously deployed in its test partners wells. Both Systems were retrieved without incident and provide further proof that running and pulling completions from the entire length of the horizontal section, even after an extended time period on production, is repeatable and will not act as any detriment to future System installations.
The Company is continuing to explore various materials and manufacturing processes on the previously mentioned part malfunction. To date, Raise has experienced delays in receiving qualified parts in its facility as its supplier has encountered issues producing the product to specification. This supplier is currently working to develop the product with an alternative material. In response to this issue, the Company has expanded its efforts to use different materials and alternative manufacturing processes. Raise is engaged with a number of possible suppliers with a view to receiving potential parts as soon as practical. Although risk is inherent in developing a new product and no guarantees can be given, at this time Raise believes the part it requires is a technically achievable product and it wants to inform shareholders it has numerous possible alternatives in terms of potential suppliers and manufacturing processes. In light of these delays, field testing will occur as soon as is practical upon successful receipt and testing of replacement parts.
The Company has also continued to deploy its proprietary vertical rod pumps ("Rod Pump") in test wells and we are currently on the final design and manufacture of what will be the final iteration for shallow and deep well applications of this technology. The Rod Pump is an integral component of the System but can also have commercial application as a stand alone product once testing and validation of life cycles is completed.
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.
2620-58th Avenue S.E.
Calgary, Alberta T2C 1G5
(403) 699-7675
www.raiseproduction.com
