Calgary – Free Rein Resources is pleased to announce it has closed a financing agreement for its operations in the Golden Spike area southwest of Edmonton. The new funding will accelerate the company’s capital program, including the drilling and completion of new wells, implementing planned waterflood and tertiary flood programs, and expanding facilities.
“This financing agreement marks the beginning of an exciting new chapter for the company. It’s going to allow us to increase production while reducing emissions through enhanced oil recovery, which emits 82 per cent less emissions than traditional extraction methods,” said Terry McCallum, the chairman and CEO of Free Rein Resources. “Moving forward, EOR holds the potential to revitalize a critical component of Alberta’s economy – junior/intermediate oil and gas companies.”
Further to its conventional oil and gas operations, Free Rein Resources is finalizing plans for a carbon capture, sequestration, and utilization (CCUS) hub in the Golden Spike area. The proposed project would develop a network of infrastructure to service the needs of some of the province’s largest emitters. The company has acquired strategic infrastructure crossing under the North Saskatchewan River to give emitters flexibility in where they store their CO2 emissions. Free Rein Resources has applied for an evaluation permit from the Government of Alberta. The province is expected to announce the successful proponents of its CCUS application process shortly.
Earlier this month, Free Rein Resources signed a Memorandum of Understanding with the Alberta Motor Transport Association (AMTA) to explore a commercial-scale business to produce blue hydrogen for use in heavy trucks. The CO2 captured from the hydrogen units will be used for the company’s EOR program.