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.