CALGARY, Alberta, Aug. 17, 2021 (GLOBE NEWSWIRE) -- Acceleware Ltd. (“Acceleware” or the “Company”) (TSXV: AXE), a leading developer of electrification technology targeting low-cost, low-carbon and clean extraction of heavy oil and bitumen, today announces that the Company has kicked off the drilling and completions program of the commercial-scale RF XL pilot project at Marwayne, Alberta (the “Pilot”), representing a major milestone in the execution of the Pilot.
Akita Drilling Ltd.’s Rig 29 moved onto the Marwayne site August 9, 2021. The RF XL producer well was spudded on August 12, 2021, followed by the heating well on August 13, 2021. Spud to completion of both the heating well and the producer well, barring unforeseen delays, is expected by late Q3. Facility installation will commence immediately thereafter, and RF XL heating starting shortly after final commissioning. While the initial heating phase is planned for approximately six months, this period may be extended to allow Acceleware to capture additional information on the efficiency and operation of the technology.
“Acceleware’s RF XL is designed to become an electrification work-horse for the clean energy transition,” said Laura McIntyre, project lead and CTO of Acceleware. “Our team, alongside multiple expert partners, has performed an incredible amount of design, planning and de-risking to get to where we are today – we are very excited to deploy this technology and to further prove out its feasibility at commercial scale.”
Partners involved in the drilling and completions program of the Pilot include Halliburton, Akita Drilling Ltd., Tristar Resource Management Ltd., Weatherford Canada Ltd., CES Energy Solutions, Precise Downhole Solutions, Tenaris, Stream-Flo Industries Ltd., Pro Pipe Service, Variperm Energy Services Inc., among others.
“We are excited to work with innovators that think outside the box,” said John Gorman, Halliburton VP Canada and West Coast USA. “Working toward a next generation technological solution is a critical step toward a low-carbon future.”
Colin Dease, Canadian Division President of Akita Drilling Ltd., added, “we are very pleased to play a role in Acceleware’s electrification pilot drilling program. The potential to eliminate or materially reduce GHG emissions from the extraction of heavy oil and bitumen could be a game changer for Canada’s oil sands.”
Acceleware’s RF XL electromagnetic heating technology is designed to generate zero scope 1 and scope 2 GHG emissions when it is powered entirely by renewable electricity, nuclear, or other clean power sources. In addition, RF XL eliminates the need for fresh water, which in turn means fewer surface facilities and less land disturbance, offering a cleaner and more sustainable solution to meet the world’s growing demand for energy. With a successful Pilot and subsequent commercialization, numerous potential environmental benefits could be realized by oil sands producers deploying
RF XL, and the Company anticipates highly skilled job creation as well as skilled jobs transition opportunities, including jobs for Indigenous peoples.
Acceleware’s Marwayne Pilot is supported by Sustainable Development Technology Canada, Emissions Reduction Alberta, Alberta Innovates, and three major oil sands partners.
For further information about the Pilot, to review prior news releases and learn more about Acceleware’s innovative RF XL technology, please visit the Company’s website at acceleware.com.
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, its patented low-cost, low-carbon production technology for heavy oil and oil sands that is materially different from any heavy oil recovery technique used today. Acceleware's vision is that electrification of heavy oil and oil sands production can be made possible through RF XL, supporting a transition to much cleaner energy production that can quickly bend the emissions curve downward. Further, Acceleware’s RF XL technology could be a key component of an end-to-end integrated carbon management system that can eliminate greenhouse gas (GHG) emissions associated with heavy oil and oil sands production, whether for fossil fuels, or for future clean bitumen by-products such as petrochemicals, carbon fibre, and blue or green hydrogen production. RF XL uses no water, requires no solvent, has a small physical footprint, can be redeployed from site to site, and can be applied to a multitude of reservoir types. In shallow oil sands implementations, no tailings ponds will be required.
Acceleware has partnered with Saa Dene Group (co-founded by Jim Boucher) to create Acceleware | Kisâstwêw to raise the profile, adoption, and value of Acceleware technologies. The shared vision of the partnership is to improve the environmental and economic performance of the energy sector by supporting ideals that are important to Indigenous peoples, including respect for land, water, and clean air.
The Company’s 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 listed on Canada’s TSX Venture Exchange under the trading symbol “AXE”.
ABOUT ALBERTA INNOVATES (AI):
Alberta Innovates is the province’s largest research and innovation agency. From funding to commercialization, we are Alberta’s innovation engine.
We are working to solve today’s challenges, create new opportunities and forge a healthy, sustainable and prosperous future for Albertans today and for generations to come.
We are where innovation happens, and we touch every corner of the province for the benefit of all Albertans.
ABOUT SUSTAINABLE DEVELOPMENT TECHNOLOGY CANADA (SDTC):
Sustainable Development Technology Canada (SDTC) helps Canadian companies develop and deploy competitive, clean technology solutions, to help solve some of the world’s most pressing environmental challenges: climate change, clean air, clean water, and clean soil. By taking a cross-Canada approach, from seed to scale, and in partnership with the best peers and experts, SDTC is the global benchmark for sustainable development innovation programming. Learn more at sdtc.ca.
ABOUT EMISSIONS REDUCTION ALBERTA (ERA):
For more than 10 years, ERA has been investing the revenues from the carbon price paid by large final emitters to accelerate the development and adoption of innovative clean technology solutions. Since ERA was established in 2009, they have committed $646 million toward 204 projects worth $4.5 billion that are helping to reduce GHGs, create competitive industries and are leading to new business opportunities in Alberta. These projects are estimated to deliver cumulative reductions of 37.7 million tonnes of CO₂e by 2030.
NOTE REGARDING FORWARD-LOOKING INFORMATION AND OTHER ADVISORIES
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 “believes”, “estimates”, “plans”, “potential”, and “will”, and includes information about the timing of the execution of the Pilot, and the anticipated benefits of the RF XL technology. Acceleware assumes that current timelines will not be delayed by either internal or external causes, and that research and development effort including the commercial-scale test plans will result in commercial-ready products.
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.
DISCLAIMER
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.
For more information:
Geoff Clark
Tel: +1 (403) 249-9099
geoff.clark@acceleware.com
Acceleware Ltd.
435 10th Avenue SE
Calgary, AB, T2G 0W3
Canada
Tel: +1 (403) 249-9099
www.acceleware.com
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/b75aeb6f-34cc-4ef7-b218-2d8490ae7b69
https://www.globenewswire.com/NewsRoom/AttachmentNg/1b33ed3f-a8ef-492c-b8e1-ff9af26ed4da
