DIVERGENT Energy Services Corp. ("Divergent" or the "Corporation") (TSX VENTURE:DVG) is pleased to provide the following update on the Linear Electromagnetic Submersible Pump Update (the "Linear Pump").
The Corporation is currently waiting for its industry partner to assign a service rig for the installation of the Linear Pump. Unfavourable weather and high volumes of service work on existing oil wells continue to cause delays in resuming installation at the test well.
As stated in the November 28, 2016 press release, the power cable that delivers electricity to the Linear Pump had ground faults that prematurely ended the test. The issue has been identified and a corrective measure is in place that will be implemented with the next installation.
Updates on the installation and the Linear Pump's subsequent performance will be provided as further information becomes available. A detailed operations update and outlook will be provided with the release of 2016 year-end Financial Statements and MD&A.
ABOUT DIVERGENT ENERGY SERVICES CORP.
Headquartered in Calgary, Alberta, DIVERGENT Energy Services Corp. provides an array of artificial lift products and services that are used in the oil and gas industry, including its revolutionary Linear Electromagnetic Submersible Pump. Divergent's Pump is approaching commercialization and is targeted to replace traditional oil pumpjacks. Other Divergent products currently in use by its oil and gas industry customers include Electric Submersible Pumps and Electric Submersible Progressing Cavity Pumps.
The Corporation's long-term strategy is to be a premier supplier of submersible pumping products that increase production, reduce operating costs, improve energy consumption and reduce carbon footprint. The commercialization of our Linear Pump will provide oil companies with the opportunity to capitalize on these benefits, while differentiating Divergent within a competitive and growing market.
SOURCE: DIVERGENT Energy Services Corp
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