CALGARY, April 10, 2014 /CNW/ - Raise Production Inc.
(TSX-V:RPC) ("Raise" or the "Company") is pleased to provide its
shareholders with an update regarding recent field testing of its
horizontal wellbore production system (the "System").
As previously reported, the first "commercial" type System
replaced the two pump prototype System in January, 2014 in a Viking
reservoir near Kindersley,
Saskatchewan.
The "commercial" type System comprised of multiple pumps was
deployed along the entire horizontal length of the wellbore. In
mid-February it was determined that a threaded connection utilizing
a thread sealing compound had failed during the installation or
immediately thereafter, compromising System function. In
response, Raise retrieved the System from the wellbore and returned
it to the Company's facilities for diagnostic testing.
Testing indicated that all Raise manufactured components were in
good working order and the issue was corrected with a change to
installation procedures. The System was successfully redeployed,
with appropriate modifications, and in-field testing resumed in
March. Although unplanned, this operation demonstrated again
that the System can be deployed and retrieved in close tolerance
wellbores without issue.
Based on testing to date, the System is working in accordance
with Raise's theoretical framework of horizontal well flow.
The Company has documented strong results from the horizontal
section, including higher shut in pressures indicating that the
less depleted sections of the reservoir are now being
accessed. Dynamic flow changes in oil, water and gas along
with the production of segregated water indicate the System is
"sweeping" the wellbore as predicted. This "sweeping" effect is
important as it reduces the frictional effects of the fluids in the
wellbore and in turn, allows for a more efficient production path
along the entire horizontal length.
The Company is continuing to "optimize" this new flow regime
from the wellbore and will be in a position to complete this as
soon as road bans are lifted and additional surface production
equipment, not associated with our System, can be moved on
location.
Initial testing to date has indicated 300% to 400% flow rate
increases over certain short-term test intervals. It must be noted
that the Company has not conducted long term production testing on
this wellbore and no assurances can be given about sustainability
of these increases.
Raise further cautions that these results are based on
intermittent testing due to the lack of surface production
equipment arising from the new flow regimes the System has created
in the well. Additional surface equipment will be installed
after road bans are lifted. The Company will continue to
perform long term testing and monitor well production throughout
the summer to capture System performance and production data.
In addition to this update, Raise is pleased to inform
shareholders that it is in negotiation with a new customer for its
first commercial sale of a System for a well in the Provost area of
Alberta, again in the Viking
formation. The Company is also performing sample testing of
oil for a third potential customer in the Slave Point formation in
Northern Alberta.
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.