CALGARY, July 24, 2013 /CNW/ - Raise Production Inc. (TSX-V: RPC) ("Raise" or the "Company") is pleased to provide this update to its shareholders regarding the testing of its first unique horizontal wellbore production system (the "System").
The Company is scheduled to deploy its first System in a horizontal well producing from the Viking formation in Kindersley, Saskatchewan area during the week of August 12, 2013.
This is the first deployment of a proto-type System and is designed to test, among other things, installation, functionality and certain performance criteria relating to horizontal flow over a 60 day test interval. Upon completion of the test period, Raise anticipates this first System will remain deployed in the existing well, and it will advance to a second stage of testing in a new well with the same industry partner. This second deployment will incorporate information developed from the first test program and will be configured to operate as a commercial system.
Eric Laing, President and Chief Executive Officer of the Company, stated "this is a major milestone for us. It represents the culmination of a tremendous effort by our employees to bring to market the first ever optimization technology specifically designed to allow for multiple points of drawdown in a horizontal well. I am very proud of the ingenuity, perseverance and teamwork of all involved in the project." Commenting on the test protocols, Mr. Laing said "this first deployment is an extension of the testing work we have done in our facilities. This system does not represent a finished product. Rather, it is one more step toward a commercial System which we anticipate having ready by the end of this year."
Raise anticipates providing an update regarding System deployment and initial functionality at its Annual General Meeting to be held on August 27, 2013 at its offices located at 2620, 58th Ave SE, Calgary, AB, but will not comment on System performance prior to the conclusion of the 60 day test period and analysis of those results.
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