CALGARY, June 13, 2017 /CNW/ - Acceleware Ltd. (TSX-V:AXE) announced today that it has won the 2017 Global Petroleum Show Award for Emerging Clean Technology.
Global Petroleum Show (GPS) hosts an annual awards process to recognize and celebrate leaders who drive change and evolution in the energy industry. Judging was completed by an independent panel of 20 industry experts. The award was announced at the Awards Breakfast held today at GPS 2017.
"Acceleware would like to thank the Global Petroleum Show and the awards panel for recognizing our work to change the economic and environmental reality of oil sands and heavy oil production, and we would also like to acknowledge the great work of our fellow nominees," said Mike Tourigny, VP Commercialization for RF Heating. "We believe our RF XL technology exemplifies the 'clean' in Clean Tech because it can create a clean social license for the responsible production of these assets, give operators a clean start to choose from new reserves that have not been viable to produce to date, and provide a clean slate to attract new capital investment to the industry by drastically reducing the capital and operating costs traditionally associated with oil sands and heavy oil production."
The patent-pending RF XL heating technology has the potential to save billions of dollars in oil sands production costs by reducing both capital and operating costs by at least 50 percent. RF XL offers immediate and significant improvements in GHG emissions, water use, land use, and does not require the use of solvents. As an electrically driven process, RF XL can eventually provide a clear pathway to zero GHG emissions production of heavy oil and oil sands.
Acceleware will be presenting "Suitability of Various Reservoirs for RF Heating" at the Global Petroleum Show during the Heavy Oil Sessions at Stampede Park, Hall C, Booth 1376 on Wednesday, June 14 at 11:00am MST.
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 press release contains "forward-looking information" within the meaning of Canadian securities legislation. Forward-looking information generally means any information about Acceleware that is prospective in nature, and often includes words such as "believes", anticipates", "expects", "estimates", "intends", "potential" and words and terms of similar substance, in connection with the expected future performance and economics of Acceleware's RF XL technology.
Actual results may vary from the forward-looking information in this press release due to certain material risk factors. 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.
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]