Halfway through 2018, let's check how things have progressed CALGARY, Alberta, Jan. 23, 2018 (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”).
Canada
In August 2017, the Company deployed a component of the HALS system (the High Angle Reciprocating Pump) for an Exploration and Production (“E&P”) company to test performance and productivity against existing technologies. In December 2017, the same E&P company purchased nine additional HALS (High Angle Reciprocating Pumps) in the same area based on the performance of the test installation. We now have a commitment for 40 additional installations on newly drilled horizontal wells throughout 2018 for this E&P company.
This E&P company will also be testing the complete HALS system (High Angle Reciprocating Pump in conjunction with Raise’s WaveBreaker, Reveal Separator and Fluid Seeker) to improve horizontal well flow in addition to efficiencies and improvement already gained with the High Angle Reciprocating Pump component. Demonstrated economic and productivity improvements are the drivers for this commitment from the E&P company.
United States
Initial production increases have been significant for our customers in Permian and Eagle Ford deployments since installations in November 2017. The Company expects to have additional sales in these formations soon once system longevity is proven and production has stabilized.
The Company will also be running its first STACK formation installations in Oklahoma in early March 2018.
============================================================== CALGARY, Alberta , May 01, 2018 (GLOBE NEWSWIRE) -- Raise Production Inc. (TSX-V:RPC) ("Raise" or the "Company") has released its financial results for the year ended December 31, 2017.
PRESIDENT’S UPDATE
The Company is pleased to provide an update to its shareholders on recent activities related to its operations.
The Company is actively working on finalizing financing to provide working capital for the next 18-24 months. The working capital will be used to purchase inventory, continue to develop the USA markets, add international clients to the portfolio, hire critical staff for commercialization and add a small production manufacturing expansion for rapid response to our existing shop facilities.
HART (Horizontal Artificial Recovery Technology)
The Company is pleased to announce that it has received the “DEVICE” patent from the Canadian Patent Office (CPO) for the HART. This is in addition to the method patent previously announced. This means that the Company not only owns the patent for the method of multiple pumps deployed in a horizontal wellbore, the additional award protects the unique pump and associated equipment design and function.
The Company is in the process of securing a partner for deployment of the HART in the USA who will provide a more productive wellbore with improved economic benefits. The Company believes that it will have a customer this year and all indicators are this will be in the USA. HART system deployment will commence at that time. A minor modification to the activation system is the only item to be resolved for the deeper, longer and more productive wellbores.
HARP (High Angle Reciprocating Pump)
The HARP is now commercial in Canada and the Company is undergoing slight material modifications for the USA market to make it better suited to deeper, higher fluid load wells in the USA. Initial tests in the USA have proven the pump to be viable at high angles with significantly increased productivity. The Company has installs slated for May and June 2018 and it expects the USA market to be a significant contributor in the third and fourth quarters of 2018.
The Canadian market has slowed due to spring breakup; however, the Company has a number of installs to complete after this period. The Company is confident that it can achieve a higher level of customer engagement and continued increase in sales through technical forums to gain wider acceptance of this technology. Shareholders are encouraged to view the website to see results from recent installs comparative to conventional pumps.
HALS (High Angle Lift Solution)
As stated previously in the Company’s press release dated April 10, 2018, the Company received a contract from a major Canadian producer to design and supply two HALS systems for use in a heavy oil application. Since that time, the Company has received more interest for this product here in Canada, USA and overseas. The majority of interest is for running the HALS in conjunction with an ESP (Electrical Submersible Pump). ESP’s currently make up the highest volume by revenue of all artificial lift solutions.
Upcoming
The Company is excited for the coming 12-24 months and believes that with a new financial injection for working capital, more focus on commercialization of the HARP and HALS, and less cash allocated to research & development projects, it is going in the right direction to obtain market penetration and success. The Company would like to thank all shareholders for their continued support and encouragement.
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Exciting times coming?