CALGARY, ALBERTA–(Marketwired – July 6, 2017) – Raise Production Inc. (TSX VENTURE:RPC) (“Raise” or the “Company”) is pleased to provide an update to its shareholders on recent activities related to the Horizontal Wellbore Production System (the “System”) and High Angle Lift Solution (“HALS”).
Horizontal Wellbore Production System
After five months of successful testing without any issues to either downhole or surface equipment, the Company will be retrieving the System from the test partner wellbore within the next few weeks. Current commodity prices make it difficult to justify acceptable economic payout in this marginal producing wellbore. A post install inspection of all parts will be completed after the retrieval of the System. Two of the four pumps that will be retrieved have been utilized in the last two deployments and have over one year of downhole operational service without any issues. After the inspections are complete, the Company will determine the criteria for its next deployment.
The current test partner has agreed to install Raise’s HALS in two to three of its more prolific wellbores in SE Saskatchewan. The production results of these installs will give an indication of whether the horizontal System will be suitable in high water cut and higher total volume wells. This follows Raise’s strategy of a flexible and staged approach to artificial lift for deviated and horizontal wellbores.
High Angle Lift Solution (HALS)
The Company has a number of pending installations for various producing companies based on the performance of multiple HALS installs since October 2016 which proved continued sustainable production increases and equipment longevity. Included below is a case study that proves the effectiveness and economics of the HALS particularly in high gas to oil ratio wells without the need for additional separation equipment.
Raise’s HALS addresses the production challenges and downtime associated with the current artificial lift technology, while creating an overall positive outcome in the value chain with significant economic upside. The economics, based on customer driven metrics and incremental production gain, is summarized in the table below. The highlighted column represents typical results that show the annualized estimated value.
To view the table and graph associated with this release, please click on the following link: http://media3.marketwire.com/docs/1098744.pdf
Concurrent with this initiative, the Company has expanded its sales force and production engineering capability with strategic hires of experienced marketing and engineering individuals who bring the needed expertise to identify and provide solutions for our customers.
We continue to pursue additional markets in the continental USA where activity, particularly in the Permian basins, remains robust and new technology is being embraced. We will update our shareholders as we progress in this market segment. We remain confident that we can enter and impact a significant portion of the US basins this coming year.
About Raise Production Inc.
The Company is an innovative oilfield service company that focuses its efforts on the production service sector, utilizing its proprietary products to enhance and increase ultimate production in both conventional and unconventional horizontal oil and gas wells.