CALGARY, ALBERTA–(Marketwired – Nov. 24, 2015) – Raise Production Inc. (TSX VENTURE:RPC) (“Raise” or the “Company”) has released its financial results for the three and nine months ended September 30, 2015.
The Company is pleased to provide an update to its shareholders on both its Horizontal Wellbore Production System (the “System”) and its rod pump technology.
As stated in our press release dated October 27, 2015, the Company’s System which was deployed over the summer was retrieved in early October. After disassembly and inspection of the pumps, reviewing operating results from the deployment and the fluids accumulated within the pumps, the Company has made significant progress toward confirming its theories of horizontal flow.
Based on information gained in our previous deployments, the Company has made changes to its System configuration and a re-deployment of the System will occur prior to year-end. These changes include:
- alterations to the configuration of the activation system;
- the interface between the System and the vertical lift; and
- the pump placement along the horizontal section.
These changes are designed to improve system activation speed, increase efficiency between the horizontal and vertical pumping systems and enhance reservoir drawdown.
In addition, the Company continues to move towards commercialization of its proprietary rod pump technologies as stand alone commercial product lines. It has moved into the third phase of its technology development agreement with Cenovus Energy Inc. The 2.5 inch pump is ready for deployment and the Company is waiting for logistical arrangements to be completed by the customer. The 4.5 inch pump is anticipated to be deployed during the first half of 2016.
The Company would like to thank our staff for their efforts, our shareholders for their support and our industry partners for their continued interest and participation in our initiatives to develop a unique and needed technology.
RESULTS OF OPERATIONS
Statement of Operations (Unaudited)
|Three months ended
|Nine months ended
|Cost of sales||42,618||54,113||74,982||106,205|
|General and administration||369,856||395,680||1,161,523||1,127,097|
|Depreciation and amortization||33,703||37,442||104,681||118,501|
|Inventory impairment (reversal)||–||1,429||–||(29,706||)|
|Net loss and comprehensive loss||$||(380,888||)||$||(416,671||)||$||(1,304,973||)||$||(1,192,627||)|
|Net loss per share – basic and diluted||$||(0.00||)||$||(0.00||)||$||(0.01||)||$||(0.01||)|
Raise’s full unaudited condensed interim financial statements and management’s discussion and analysis will be filed shortly on the Company’s profile on the SEDAR website.
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.
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.
Certain information included in this news release constitutes forward-looking statements under applicable securities legislation. Forward-looking statements or information typically contain or can be identified by statements that include words such as “anticipate”, “assume”, “based”, “believe”, “can”, “continue”, “depend”, “estimate”, “expect”, “forecast”, “if”, “intend”, “may”, “plan”, “project”, “propose”, “result”, “upon”, “will”, “within” or similar words suggesting future outcomes or statements regarding an outlook. Such forward-looking statements or information are based on a number of assumptions that may prove to be incorrect. Assumptions have been made regarding, among other things: the ability of the Company to obtain required capital to finance its new product development, the successful completion of further product development and testing within predicted timelines or at all, the ability to commercialize products and operations, the ability to adequately protect proprietary information and technology from its competitors; the ability to obtain partnering opportunities; the ability to attract and retain key personnel and key collaborators; and the ability to successfully compete in targeted markets.
The forward-looking statements contained in this news release are made as of the date hereof and the Company does not undertake any obligation to publicly update or revise any of the included forward-looking statements, except as required by applicable Canadian securities law. Forward-looking statements are based upon the current opinions, estimates, projections, assumptions and expectations of management of the Company as at the effective date of such statements and, in some cases, information supplied by third parties. Although the Company believes that the expectations reflected in such forward – looking statements are based upon reasonable assumptions and that information received from third parties is reliable, it can give no assurance that those expectations will prove to have been correct. By its nature, forward-looking information involves numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statement will not occur. These risks and uncertainties include, but are not limited to: the possibility that testing, deployment and commercialization of the System may not be successfully completed for any reason (including the failure to obtain the required approvals from regulatory authorities) and regulatory changes. Accordingly, readers should not place undue reliance upon the forward-looking statements contained in this news release and such forward-looking statements should not be interpreted or regarded as guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company’s continuous disclosure filings that are available at www.sedar.com.
Raise Production Inc.
President and Chief Executive Officer
Raise Production Inc.
Chief Financial Officer
Raise Production Inc.
VP, Business Development