CALGARY, Nov. 13, 2018 /CNW/ - Acceleware Ltd. (TSX-V:
AXE) ("Acceleware" or the "Company") is very pleased to announce
the participation of a major Calgary-based oil sands producer (the
"Producer") in the commercial-scale RF XL pilot test of its radio
frequency heating system. The Producer will provide funding of up
to $2 million toward the RF XL pilot
under the terms of a project funding agreement with Acceleware. In
exchange for the funding, the Producer will be able to provide
input into pilot designs and test specifications prior to
completion, and will receive, along with the other pilot
participants, exclusive access to the full set of detailed
technical data and test results for one year following completion
of the pilot. Acceleware has granted the Producer prioritized
rights to host a subsequent test of Acceleware's RF XL technology,
preferred pricing on pre-commercial products, and preferred access
to RF XL products over operators who do not participate in the
pilot.
"Securing $2 million in
financial support plus certain technical input from a major oil
sands operator is a substantial advancement in our
commercialization efforts for RF XL." said Geoff Clark, CEO of Acceleware. "We are excited
to have secured investment from an industry leader who is
interested in our work to further develop and prove this
technology."
"Acceleware believes that RF XL technology can radically
improve the economic and environmental performance of heavy oil and
oil sands production, and will be a critical tool in the profitable
and responsible development of the oil sands," added Mike Tourigny, VP Commercialization RF
Heating.
As announced on July 17, 2018, the
test will be completed at Prosper Petroleum Ltd.'s Rigel property
in the Athabasca Oil Sands. Acceleware estimates the cost to
complete the RF pilot will range from $16 to $20 million.
The $2 million in financial support
from the Producer together with $10
million in non-repayable funding from Sustainable
Development Technology Canada and Emissions Reduction Alberta and
other funds, brings the total non-dilutive capital financing raised
to date to an excess of $15 million.
Acceleware has been advancing the development of its proprietary
and patented RF XL technology since 2010. The Company believes RF
XL has the potential to save billions in oil sands production costs
by reducing both capital and operating costs, while offering
significant environmental benefits, including immediate greenhouse
gas (GHG) emission reductions, a substantial decrease in land use,
no requirement for external water or solvents and no tailings
ponds. It also has the potential to be re-deployable from location
to location and adapted to a multitude of reservoir types. As an
electrically driven process, Acceleware also believes that RF XL
technology can provide a clear pathway to zero-GHG production of
heavy oil and oil sands.
Financial Advisor
Acceleware has appointed GMP Securities L.P. ("GMP FirstEnergy")
as exclusive financial advisor to assist in the full funding of the
RF XL pilot program. GMP FirstEnergy provided advice on the
completion of the project funding agreement.
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.
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 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). In shallow
oil sands implementations, no tailings ponds will be 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 is a public company on Canada's TSX Venture Exchange under the
trading symbol "AXE".
This news 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 are 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 terms such as "anticipates", "believes" "potential",
"would" and "will", and includes information about the timeline of
the commercial-scale test of RF XL, the expectations for future
intellectual property development and the commercial availability
of RF XL technology, as well as the anticipated benefits of that
technology, and the likelihood of Acceleware raising additional
financing. Acceleware assumes that the current timeline for the RF
XL pilot is achievable, that research and development effort
including the commercial-scale test plans will result in
commercial-ready products, and that future capital raising efforts
will be successful.
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 news 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) accept responsibility for the adequacy or
accuracy of this release.
SOURCE Acceleware Ltd.