CALGARY, Oct. 21, 2013 /CNW/ - Raise Production Inc. (TSX-V: RPC) ("Raise" or the "Company") is pleased to announce it has completed a 60 day test period of its prototype horizontal wellbore production system (the "System").
During the week of August 12, 2013, the Company deployed its first System in a horizontal well producing from the Viking formation in Kindersley, Saskatchewan. The field deployment of this original prototype system was an extension of the testing previously completed by the Company in its facilities. Over the subsequent two months, the Company conducted a number of tests on the System designed to provide detailed information regarding flow dynamics, System and vertical lift integration, and insight into reservoir characteristics along the horizontal section.
The Company is very pleased with the test results which confirm the System is working as designed, is stable, robust and verifies the theory that the System can have a meaningful impact on horizontal flow. Additionally, some results have led to the creation of procedures and equipment modifications and manufacturing of parts, which are not related to the Company's System but may have copyright or patent potential, and as such the Company is not prepared to make public disclosure of detailed test procedures and results at this time.
It is important to note, that based on the results, data and successful operation of the prototype System, the Company has agreed with its industry partner to install a commercial System in the second deployment of its three system deployment test program at the end of November or early December 2013. The deployment will be in the same wellbore as the recently completed test.
Eric Laing, President and CEO of the Company, commented on the first deployment "we feel very good about the outcome of this test. This first deployment gives me confidence that we can deploy our System and operate it in the reservoir. Also, what we have learned in our testing has materially moved us up our learning curve. This is a real success."
Looking to the Company's next operations, Geoff Steele, VP Engineering, stated "We appreciate all the support our industry partner has given us in this first test and look forward to working with them as we deploy our second System in just over one month's time. We are building the new System as we speak and are excited about taking the next step toward offering the oil industry a commercial horizontal pumping solution."
About Raise Production Inc.
The Company is an innovative oilfield service company that focuses its efforts on the production service sector, utilizing its patented products to enhance and increase ultimate production in both conventional and unconventional horizontal oil and gas wells.
This news release contains certain forward-looking statements. All statements, other than statements of historical fact, are forward looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from these anticipated in such statements.
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 news release.
SOURCE: Raise Production Inc.
For further information:
Eric Laing, President and Chief Executive Officer
Susan Scullion, Chief Financial Officer
Raise Production Inc.
2620-58th Avenue S.E.
Calgary, Alberta T2C 1G5
Tel: (403) 699-7675
Web site at: www.raiseproduction.com