CALGARY, Alberta, Dec. 14, 2017 (GLOBE NEWSWIRE) -- Raise Production Inc. (TSX-V: RPC ) ("Raise" or the "Company") is pleased to provide an update to its shareholders on recent activities related to its High Angle Lift Solution (“HALS”).
United States
In mid-November 2017, the Company sold and installed its first HALS in the Eagle Ford basin, at 90deg inclination and at a 7,000ft vertical depth. In late November 2017, the Company sold and installed its first HALS in the Permian basin in New Mexico, at 82deg inclination at a vertical depth of 9,500ft and a measured depth of 13,030ft, the deepest installation to date. Both systems are performing at high efficiency and have increased productivity for the operators.
Canada
The Company’s original test partner for its Horizontal Artificial Recovery Technology (“HART”) has recently ordered nine HALS systems for its wells in SE Saskatchewan. This was as a result of the superior performance of the HALS system sold to this partner in August 2017. Additional installations in other formations are also performing at high efficiency and follow up sales are expected in the 2018.
The Company continues to market the HALS in the USA and Canada with presentations and open houses demonstrating our technology.
About Raise Production Inc.
The Company is an innovative oilfield service 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:
Eric Laing, President and Chief Executive Officer E-mail: elaing@raiseproduction.com
Susan Scullion, Chief Financial Officer E-mail: sscullion@raiseproduction.com
Raise Production Inc. 2620-58 th 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 potential to increase recoverable reserves for customers by utilization of the HAL and HART systems, 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 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: the possibility that testing, 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.
