CALGARY, Oct. 26, 2016 /CNW/ - Acceleware Ltd. (TSX-V:AXE) announced today that the company has filed a new patent application which the company believes will, among other things, add better economics and faster time to oil production to existing RF XL heating technology. RF XL already has the potential to save billions of dollars in oil sands production costs while significantly reducing greenhouse gas (GHG) emissions and water use. Now the innovations detailed in the new patent application provide oil producers additional benefits that are four-fold: better economics, faster time to first oil production, reduced drilling and completion costs, and greater applicability to more resources.
The capability of RF XL is now broader because it allows operators to shape and control the penetration and depth of the energy that is delivered to the reservoir. This innovation may help to reduce capital costs by increasing how much of a reservoir can be produced from a single well, as well as decrease operating costs and improve return on investment by reducing the time between start-up and first oil production. RF XL now includes innovations that provide flexibility of deployment which would result in a material reduction in drilling and completion costs compared to SAGD. This flexibility could also create further growth opportunities for producers as it may allow RF XL to be effective in reservoirs that to date have not been economic to develop.
"This is a material extension of the RF XL technology as it further improves profitability for operators while reducing energy use and GHG emissions," said Mike Tourigny, VP Commercialization of RF Heating for Acceleware. "Controlling and extending the reach of the heat delivered to the formation can allow operators to reduce drilling costs by producing more oil with fewer wells, reduce the time to first oil, and increase their base of proven reserves in Alberta and abroad."
RF XL is a low-cost, low-carbon enhanced oil recovery technology that was first announced in June, 2016. Acceleware has partnered with GE to develop critical power components of the RF XL system based on GE's proprietary high-efficiency silicon carbide power electronics. Acceleware has embarked on a multi-phase program to validate the performance of RF XL. The program will culminate with a commercial scale field test in 2017 and 2018, in partnership with GE and an oil sands operator.
Acceleware's RF XL technology uses radio waves instead of steam, driving down the cost of oil sands production and lowering its environmental impact comparable to that of other global sources of crude oil.
The recently filed RF XL patent application adds to Acceleware's growing intellectual property asset base and the Company expects additional applications will be filed in the coming months.
Acceleware (www.acceleware.com) develops high performance seismic imaging and modeling software products and provides innovative technology for radio frequency (RF) heating, an emerging thermal enhanced oil recovery method. As experts in programming for multi-core CPUs and massively parallel GPUs, Acceleware's professional services team specializes in accelerating computationally intense applications for clients to speed up product design, analyze data and help make better business decisions. Acceleware's products and services are used by some of the world's largest energy and engineering companies.
Acceleware is a public company on Canada's TSX Venture Exchange under the trading symbol AXE.
Neither 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.
This news release contains "forward-looking information" within the meaning of Canadian securities legislation. Forward-looking information is any information about Acceleware that is prospective in nature, and often includes words such as "anticipates," "expects," "estimates," "intends," and words and terms of similar substance, in connection with discussions about Acceleware's future operations or financial performance.
Forward-looking information in this news release includes information regarding the proposed use of the funds and the development and testing of Acceleware's RF Heating Technology. Acceleware made certain material assumptions to develop this forward looking information including that the capital requirements of Acceleware shall remain consistent with Acceleware's current and anticipated needs.
Actual results may vary from the forward-looking information in this news release due to certain material risk factors. These risk factors include changes in prevailing economic conditions and changes in the development of Acceleware's RF Heating Technology.
Acceleware assumes no obligation to update or revise the forward-looking information in this presentation, unless it is required to do so under applicable securities legislation.
SOURCE Acceleware Ltd.
For further information: Mike Tourigny, Tel: +1 (403) 249-9099, [email protected]