Of No Interest25 Jul 2018 23:24
Acceleware Ltd. Announces Commercial-Scale Test of Innovative RF XL Technology with Prosper Petroleum
Calgary, AB, Canada – July 17, 2018 – Acceleware Ltd. (TSX-V:AXE) (“Acceleware” or “the Company”) announced today that it has entered into a commercial test agreement (the “Agreement”) with Prosper Petroleum Ltd. (“Prosper”) to perform a commercial-scale test (the “Test”) of Acceleware’s RF XL radio frequency heating technology. The Test will commence immediately at Prosper’s Rigel property in northeast Alberta, where Prosper is developing a project in the Athabasca Oil Sands.
Acceleware completed a multi-faceted partner selection process in which several major, mid-size and smaller operator candidates were assessed. Prosper’s sound technical capability, excellent operational experience and an optimal test reservoir in Alberta’s most widely-produced oil sands resulted in a high ranking across numerous selection criteria. In addition, several logistical factors supported a quick deployment at Rigel: the recent approval by the Alberta Energy Regulator for the development of a new SAGD facility on the Rigel leases which Prosper plans to complete as soon as possible; and Prosper’s existing surface infrastructure. The review and partner selection process were undertaken with input from the Acceleware Advisory Board.
“Given how critical and pressing economic and environmental factors have become to the ongoing development of Canadian oil sands and heavy oil, partnering with a company that offers experience and agility combined with a resource that can demonstrate the massive potential reach of the RF XL innovation is key to us. Prosper brings all of these and an impeccable reputation in a wide range of heavy oil and oil sands environments,” said Geoff Clark, CEO of Acceleware. “We are very excited to move forward with them on this project.”
Under the terms of the Agreement, Prosper will provide Acceleware with access to specific Rigel leases, engineering and geological support and services, and assistance with obtaining regulatory approvals. In exchange, Acceleware will grant Prosper the right to purchase RF XL systems at a preferential rate for use on Prosper lands for a period of twenty years following the completion of the Test. Acceleware will also receive the proceeds from the sale of any bitumen produced during the Test. Subsequent to the Test, Acceleware and Prosper may elect to continue operation of the RF XL system to increase production from the well, sharing equally in the proceeds of the sale of the bitumen, once all of Acceleware’s costs associated with the Test, plus 10 percent, have been recovered.
“We’re excited to work with Acceleware, as we believe that RF XL could be a game changer,” said Brad Gardiner, Prosper’s President and CEO. “Testing the technology at Rigel is strategic for Prosper because a successful deployment would allow us to transition quickly to a broader commercial development at this site, and poten
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