CALGARY, June 11, 2018 /CNW/ - Acceleware Ltd. (TSXV: AXE)
("Acceleware" or the "Company") announces the
creation of a six member Acceleware Advisory Board ("AAB")
that will support the commercialization of its RF technology and
has already commenced working with the Acceleware executive team.
Acceleware is also providing an update on recent commercialization
activities related to its RF XL enhanced oil recovery method. The
update includes new information on: (i) the design and production
of a prototype silicon carbide RF generator with partner GE Global
Research, (ii) incremental intellectual property development for RF
XL, and (iii) ongoing work to conclude agreements required to
commence the commercial-scale field test of an RF XL system, as
announced on November 3, 2017.
Acceleware was awarded $10 million in
non-repayable funding from Sustainable Development Technology
Canada and Emissions Reduction Alberta for this commercial-scale
test, conditional on the successful negotiation of contribution
agreements with the funders and agreements with one or more oil
sands operators.
AAB
The AAB brings together a group of six heavy oil and oil sands
leaders with extensive operational, technical, and
commercialization experience. This group will provide guidance to
Acceleware throughout the RF technology testing and
commercialization process. Acceleware formed the AAB to ensure that
RF XL and Modular RF meet key functional and economic demands of
heavy oil and oil sands operators.
The AAB consists of:
- Cal Coulter: Mr. Coulter has 40
years of experience in the oil and gas industry and has held
positions in production, facilities, gas processing, drilling,
completions, exploration and operations in thermal operations. The
last 11 years were as the Director of Subsurface Technology for
Suncor where he led the development of SAGD enhancement
technologies and all novel in situ bitumen recovery
technologies.
- Chad Robinson: As Managing
Director of Resource Merchant Capital, Mr. Robinson has over 18
years of accounting, finance and private equity experience, focused
in the oilfield sector. From 2006 to 2015, Chad was the CFO of
Pacesetter Directional Drilling and helped to grow it into
Canada's largest premier private
directional drilling company.
- Don Verdonck: Mr. Verdonck is
retired from a 40 year career in the oil and gas business, most
recently as VP Thermal at Athabasca Oil Corporation. Don's
experience spans executive level management, as well as operational
and facilities management, and he currently serves on two private
oil and gas boards.
- Heath Williamson: Mr. Williamson
is the General Manager, Thermal & EOR at BlackPearl Resources
and is responsible for advancing the full cycle development of
BlackPearl's Thermal & EOR heavy oil assets. Heath also serves
on the Board of Directors of the Canadian Heavy Oil
Association.
- Jeff Reading: Mr. Reading is the
President of Actions Matter. He has more than 35 years experience
in the environmental field and has supported the commercialization
of more than 20 startup companies. Jeff provides leadership for the
Electricity Global Business Unit Innovation Team at ATCO, is the
Chair for the Green Learning Canada Foundation (GLCF), co-founder
and Board member of the Alberta Council for Environmental Education
(ACEE), an advisor with Carbon Talks Canada and sits on the Alberta
CleanTech Industry Association (ACTia) Board of
Directors.
- John Howard: Mr. Howard brings
38 years of experience in the energy sector with a focus on
conventional and thermal heavy oil production. In May, 2017 he
retired as Vice President, Production East, Canadian Natural
Resources Ltd. (CNRL). Prior to his role with CNRL, John co-founded
and was Executive Vice President of Verdant Energy Ltd, a renewable
energy company providing waste-to-energy solutions. John was also
Vice President, Operations with Numac Energy Ltd., and Technical
Superintendent at Shell Canada's Peace River Complex.
"We are excited to begin working with our advisory board and are
looking forward to their contributions in furthering our
presence within the oil industry. The AAB brings significant,
industry specific knowledge that can accelerate the process
of bringing the RF XL innovation to market," said Geoff Clark, CEO of Acceleware. "We are
extremely fortunate to be able to benefit from such a strong base
of relevant experience."
Prototype Silicon Carbide (SiC) RF Generator
In related commercialization developments, GE Global Research
has completed the design phase of Acceleware's prototype silicon
carbide (SiC) RF Generator. GE will now commence assembly of the
generator to be used in the commercial-scale test. Acceleware
expects to receive an initial generator module in 2018 and will
begin lab testing at that time. The full prototype RF XL generator
system is planned for completion by GE in Q1 2019.
Incremental Intellectual Property Development for RF
XL
Acceleware has also filed its sixth patent application relating
specifically to RF XL. Recent claims are focused on improved
techniques of power delivery for the RF XL system and on refining
the method of deployment. The claims protect techniques developed
that further improve the economics of RF XL by delivering more
power to the reservoir with higher efficiency, and ensuring the
system is more robust and able to withstand oilfield deployment and
operating conditions. Acceleware continues to develop its portfolio
of patents and intellectual property relating to RF XL and Modular
RF with more filings expected through 2018.
Commercial-scale Field Test of RF XL
Acceleware's highest priority at this time is the
commercialization of RF heating technologies, and specifically the
planned commercial-scale test of RF XL. The Company continues to
make progress in selecting an operating partner, and is currently
finalizing agreements required to access the $10 million in non-repayable funding from
Sustainable Development Technology Canada and Emissions Reduction
Alberta. Acceleware is looking forward to the shift from the
planning to execution phase of the project.
About Acceleware
Acceleware (www.acceleware.com) is an innovator of clean-tech
oil and gas technologies comprised of two business units: Radio
Frequency (RF) Enhanced Oil Recovery; and Seismic Imaging
Software and Software Acceleration Services.
Acceleware is developing RF XL and Modular RF, its patented and
patent-pending low-cost, low-carbon production technologies for
heavy oil and oil sands that are materially different from any
heavy oil recovery technique used today. They are designed to have
significantly lower operating and capital costs, will use no water,
require no solvent, have a small physical footprint, can be
redeployed from site to site, and can be adapted to a multitude of
reservoir types, while expected to greatly reduce and eventually
eliminate production greenhouse gas emissions (GHGs). With
Acceleware's RF technologies, tailings ponds are not required.
Our seismic imaging software solutions are state of the art for
high fidelity imaging, providing the most accurate and advanced
imaging available for oil exploration in complex geologies.
Acceleware's professional services team accelerates computationally
intense applications for clients to speed up product design,
analyze data and help them make better business
decisions.
Acceleware is a public company on Canada's TSX Venture Exchange under the
trading symbol "AXE".
Disclaimers
This press release contains "forward-looking
information" within the meaning of Canadian securities legislation.
Forward-looking information generally means information about an
issuer's business, capital, or operations that is prospective in
nature, and includes disclosure about the issuer's prospective
financial performance or financial position.
The forward-looking information in this press release can be
identified by the term "expect" and derivatives thereof, and
includes information about the commencement of the commercial-scale
test of RF XL, the expectations for future intellectual property
development, RF XL technology development, and the commercial
availability of RF XL technology. Acceleware assumes that the
current research and development effort including the
commercial-scale test plans will result in commercial-ready
products, and that Acceleware will conclude the necessary
agreements related to the commercial-scale test of RF
XL.
Actual results may vary from the forward-looking information
in this press release due to certain material risk
factors. These risk factors are described in detail in Acceleware's
continuous disclosure documents, which are filed on SEDAR at
www.sedar.com.
Acceleware assumes no obligation to update or revise the
forward-looking information in this press release,
unless it is required to do so under Canadian securities
legislation.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities described in
this release in the United States.
The securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S.
Securities Act"), or any state securities laws and may not be
offered or sold within the United
States or to U.S. persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
Neither the 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 release.
SOURCE Acceleware Ltd.