CALGARY, ALBERTA–(Marketwired – Sept. 22, 2015) –
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
DIVERGENT Energy Services Corp. (the “Corporation“) (TSX VENTURE:DVG) is pleased to announce that the 1st second generation Linear Electric Submersible Motor (the “Motor”) has cleared US Customs and has been shipped to our test facility for pre-deployment operating tests.
The test facility will run the Motor at various rates and pressures, closely simulating downhole conditions. The next shipment of Motors is expected to arrive in October.
Unlike the prototype Motor that powered a reciprocating pump built overseas, the second generation Motor will use a pump built domestically using components used in the rod pumps currently operating in the Bakken.
The second generation Motor has many improvements over the prototypes, which include but are not limited to:
- 25% more power – higher pump rates;
- 50% less friction – longer motor life and lower electricity costs.
- Replaced bronze components with self-lubricating thermoplastics with excellent mechanical and chemical resistance at high temperatures;
- The pump section is now being built in Canada instead of overseas, using rod pump components currently in use in the Bakken;
ABOUT THE TECHNOLOGY
The permanent magnet Motor technology duplicates rod pump movement without rod strings or surface lifting equipment. All moving parts are contained within the submersible Motor housing, eliminating rod and tubing wear, making the Motor ideally suited for landing in deviated or horizontal oil wells. The submersible reciprocating pump is driven by a linear synchronous permanent magnet Motor, which generates thrust from a magnetic field and permanent magnet mover.
Headquartered in Calgary, Alberta, DIVERGENT Energy Services Corp. provides an array of specialized products and services that are used in the energy, mining, and industrial & agricultural water industries.
This document contains information that constitutes forward-looking information and financial outlook within the meaning of applicable securities legislation. This forward-looking information and financial outlook is identified by the use of terms and phrases such as “anticipate,” “achieve”, “achievable,” “believe,” “estimate,” “expect,” “intend”, “plan”, “planned”, and other similar terms and phrases. This information and outlook speaks only as of the date of this document and we do not undertake to publicly update the forward-looking information and financial outlook contained in this document except in accordance with applicable securities laws.
Forward-looking information and financial outlook is based on current expectations, estimates, projections and assumptions, which we believe are reasonable but which may prove to be incorrect and therefore such forward-looking information and financial outlook should not be unduly relied upon. In addition to other factors and assumptions which may be identified in this document, assumptions have been made regarding, among other things: industry activity; the general stability of the economic and political environment; effect of market conditions on demand for the Company’s products and services; the ability to obtain qualified staff, equipment and services in a timely and cost efficient manner; the ability to operate its business in a safe, efficient and effective manner; the performance and characteristics of various business segments; the effect of current plans; the timing and costs of capital expenditures; future oil and natural gas prices; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which the Company operates; and the ability of the Company to successfully market its products and services.
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.
President and Chief Executive Officer
DIVERGENT Energy Services Corp.
Chief Financial Officer and Corporate Secretary
DIVERGENT Energy Services Corp.
1170, 800 – 6th Ave SW
Calgary, AB T2P 3G3
(403) 543-0069 (FAX)