Raise Production Inc. (TSX VENTURE:RPC) ("Raise" or the "Company") has released its financial results for the year ended December 31, 2016.
The Company is pleased to provide shareholders with an updated report on current activities regarding its Horizontal Wellbore Production System (the "System") and recent developments related to its patent pending High Angle Lift Technology.
Horizontal Pumping System
The System continues to work well in the test partner wellbore. Since activation the System has achieved significant milestones. These include:
High Angle Lift Technology
The Company has referred to the High Angle Lift Technology in previous releases as the "Rod Pump". With the successes we have seen in deployments of this technology and the addition of various accessories which will allow this pump to be deployed and activated hydraulically, by linear motor or by conventional rods, the Company has re-named this entire suite of tools and technology as the "High Angle Lift Technology".
Over the last six months the Company has deployed a number of its High Angle Lift Technology solutions with a major Canadian operator. The installs have all been deployed at angles of 50 degrees to 90 degrees and in wells with high gas to fluid ratios (where artificial lift solutions typically do not perform well). All of these deployments have been performing above expectations in every case in terms of:
The following is feedback from a customer's experienced engineering staff member related to a recent install:
"With the 1.5" pump at 3.5 strokes per minute we are around a 70% pump efficiency which is amazing for a high GOR (Gas Oil Ratio) horizontal well with no gas separator. I realize that this may be flush as it was down a long time but to put it in perspective the highest rate we ever produced out of this well was 9m3/d fluid and 13e3m3/d gas back in 2014. Current rates on fluid and gas are about double what they averaged over the past year while operating. We are up to approximately 12 m3/d fluid and 10e3m3/d gas."
The performance of the High Angle Lift Technology and feedback from our customers has led the Company to hire additional resources to pursue this market immediately as a stand alone commercial product line. The High Angle Lift Technology also acts as an entrance level technology that can precede and continue to work in conjunction with the installation of the System.
The Company has had feedback from some USA operators with interest in pursuing development of the System and the High Angle Lift Technology for use in U.S. basins. The Company is in discussions with a number of companies and will update shareholders as we progress with this initiative.
RESULTS OF OPERATIONS
Statements of Loss and Comprehensive Loss
Raise's full audited financial statements and management's discussion and analysis will be filed shortly on the Company's profile on the SEDAR website.
About Raise Production Inc.
The Company is an innovative oilfield service company that focuses its efforts on the production service sector, utilizing its proprietary products to enhance and increase ultimate production in both conventional and unconventional horizontal oil and gas wells.
SOURCE: Raise Production Inc
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