CALGARY, June 11, 2018 /CNW/ - Acceleware Ltd. (TSXV: AXE) ("Acceleware" or the "Company") announces the creation of a six member Acceleware Advisory Board ("AAB") that will support the commercialization of its RF technology and has already commenced working with the Acceleware executive team. Acceleware is also providing an update on recent commercialization activities related to its RF XL enhanced oil recovery method. The update includes new information on: (i) the design and production of a prototype silicon carbide RF generator with partner GE Global Research, (ii) incremental intellectual property development for RF XL, and (iii) ongoing work to conclude agreements required to commence the commercial-scale field test of an RF XL system, as announced on November 3, 2017. Acceleware was awarded $10 million in non-repayable funding from Sustainable Development Technology Canada and Emissions Reduction Alberta for this commercial-scale test, conditional on the successful negotiation of contribution agreements with the funders and agreements with one or more oil sands operators.
The AAB brings together a group of six heavy oil and oil sands leaders with extensive operational, technical, and commercialization experience. This group will provide guidance to Acceleware throughout the RF technology testing and commercialization process. Acceleware formed the AAB to ensure that RF XL and Modular RF meet key functional and economic demands of heavy oil and oil sands operators.
The AAB consists of:
- Cal Coulter: Mr. Coulter has 40 years of experience in the oil and gas industry and has held positions in production, facilities, gas processing, drilling, completions, exploration and operations in thermal operations. The last 11 years were as the Director of Subsurface Technology for Suncor where he led the development of SAGD enhancement technologies and all novel in situ bitumen recovery technologies.
- Chad Robinson: As Managing Director of Resource Merchant Capital, Mr. Robinson has over 18 years of accounting, finance and private equity experience, focused in the oilfield sector. From 2006 to 2015, Chad was the CFO of Pacesetter Directional Drilling and helped to grow it into Canada's largest premier private directional drilling company.
- Don Verdonck: Mr. Verdonck is retired from a 40 year career in the oil and gas business, most recently as VP Thermal at Athabasca Oil Corporation. Don's experience spans executive level management, as well as operational and facilities management, and he currently serves on two private oil and gas boards.
- Heath Williamson: Mr. Williamson is the General Manager, Thermal & EOR at BlackPearl Resources and is responsible for advancing the full cycle development of BlackPearl's Thermal & EOR heavy oil assets. Heath also serves on the Board of Directors of the Canadian Heavy Oil Association.
- Jeff Reading: Mr. Reading is the President of Actions Matter. He has more than 35 years experience in the environmental field and has supported the commercialization of more than 20 startup companies. Jeff provides leadership for the Electricity Global Business Unit Innovation Team at ATCO, is the Chair for the Green Learning Canada Foundation (GLCF), co-founder and Board member of the Alberta Council for Environmental Education (ACEE), an advisor with Carbon Talks Canada and sits on the Alberta CleanTech Industry Association (ACTia) Board of Directors.
- John Howard: Mr. Howard brings 38 years of experience in the energy sector with a focus on conventional and thermal heavy oil production. In May, 2017 he retired as Vice President, Production East, Canadian Natural Resources Ltd. (CNRL). Prior to his role with CNRL, John co-founded and was Executive Vice President of Verdant Energy Ltd, a renewable energy company providing waste-to-energy solutions. John was also Vice President, Operations with Numac Energy Ltd., and Technical Superintendent at Shell Canada's Peace River Complex.
"We are excited to begin working with our advisory board and are looking forward to their contributions in furthering our presence within the oil industry. The AAB brings significant, industry specific knowledge that can accelerate the process of bringing the RF XL innovation to market," said Geoff Clark, CEO of Acceleware. "We are extremely fortunate to be able to benefit from such a strong base of relevant experience."
Prototype Silicon Carbide (SiC) RF Generator
In related commercialization developments, GE Global Research has completed the design phase of Acceleware's prototype silicon carbide (SiC) RF Generator. GE will now commence assembly of the generator to be used in the commercial-scale test. Acceleware expects to receive an initial generator module in 2018 and will begin lab testing at that time. The full prototype RF XL generator system is planned for completion by GE in Q1 2019.
Incremental Intellectual Property Development for RF XL
Acceleware has also filed its sixth patent application relating specifically to RF XL. Recent claims are focused on improved techniques of power delivery for the RF XL system and on refining the method of deployment. The claims protect techniques developed that further improve the economics of RF XL by delivering more power to the reservoir with higher efficiency, and ensuring the system is more robust and able to withstand oilfield deployment and operating conditions. Acceleware continues to develop its portfolio of patents and intellectual property relating to RF XL and Modular RF with more filings expected through 2018.
Commercial-scale Field Test of RF XL
Acceleware's highest priority at this time is the commercialization of RF heating technologies, and specifically the planned commercial-scale test of RF XL. The Company continues to make progress in selecting an operating partner, and is currently finalizing agreements required to access the $10 million in non-repayable funding from Sustainable Development Technology Canada and Emissions Reduction Alberta. Acceleware is looking forward to the shift from the planning to execution phase of the project.
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 and Software Acceleration Services.
Acceleware is developing RF XL and Modular RF, its patented and patent-pending low-cost, low-carbon production technologies for heavy oil and oil sands that are materially different from any heavy oil recovery technique used today. They are designed to have significantly lower operating and capital costs, will use no water, require no solvent, have a small physical footprint, can be redeployed from site to site, and can be adapted to a multitude of reservoir types, while expected to greatly reduce and eventually eliminate production greenhouse gas emissions (GHGs). With Acceleware's RF technologies, tailings ponds are not required.
Our 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's professional services team accelerates computationally intense applications for clients to speed up product design, analyze data and help them make better business decisions.
Acceleware is a public company on Canada's TSX Venture Exchange under the trading symbol "AXE".
This press 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 is 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 the term "expect" and derivatives thereof, and includes information about the commencement of the commercial-scale test of RF XL, the expectations for future intellectual property development, RF XL technology development, and the commercial availability of RF XL technology. Acceleware assumes that the current research and development effort including the commercial-scale test plans will result in commercial-ready products, and that Acceleware will conclude the necessary agreements related to the commercial-scale test of RF XL.
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 press 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.
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.
SOURCE Acceleware Ltd.
For further information: Geoff Clark, Tel: +1 (403) 249-9099, [email protected]; Acceleware Ltd., 435 10th Avenue SE, Calgary, AB, T2G 0W3, Canada, Tel: +1 (403) 249-9099, www.acceleware.com