CALGARY, ALBERTA – JUNE 30, 2020 – Acceleware® Ltd. (“Acceleware” or the “Company”) (TSX-V: AXE), a leader in the development of technologies enabling low-cost and environmentally-friendly extraction of heavy oil and bitumen, today provides an operational and corporate update on the Company’s recent activities, including the successful completion of a 500 kW field test of its prototype Radio Frequency (“RF”) converter designed in collaboration with GE Research (“GE”). This converter will be utilized in the Company’s commercial-scale test of its patented and patent-pending RF XL Heating technology (the “Project”) at a site in the Cold Lake Oil Sands region near the town of Marwayne, Alberta.
Commercial-Scale Power Testing Yields Positive Results
Acceleware continues to de-risk designs for the Project and successfully concluded the full power test of two modules of the RF converter prototype, along with certain RF energy transmission components that will comprise the downhole section of the RF XL system. Each converter prototype module is designed to deliver up to 250 kilowatts (“kW”) of RF power, and in the Company’s commercial-scale prototype, eight modules will be combined to deliver a total of two megawatts (“MW”). In the lead-up to the full-power field test, Acceleware ran preparatory tests at 250 kW and 400 kW, culminating in a full 500 kW of RF power successfully delivered to the field test antenna system. Acceleware believes the 500 kW test represents an unprecedented level of RF power for any field test of an RF heating system designed for heavy oil production. The full-power test of RF converter modules is anticipated to be the final de-risking test prior to the converter’s deployment at the Project. “This test is significant not only because it sets a new benchmark for the level of power delivered into the ground, but perhaps more so because it has validated that our end-to-end system can operate at full power. By testing two of our modules along with scaled-down RF energy transmission components at full power, we have dramatically increased our confidence that the complete eight module converter will be able to deliver two MW of power, and that our transmission lines can more than handle that power, all at our desired efficiency.” said Dr. Michal Okoniewski, chief scientific officer of Acceleware.
Ongoing Market Engagement
As part of Acceleware’s continued efforts to raise its profile, enhance public and market awareness and build relationships within the oil and gas and clean-tech communities, the Company has held introductory or follow-up meetings with several investment community representatives across research, sales and investment banking over recent weeks. In addition, Acceleware has presented its story to numerous media outlets, including the Danielle Smith Show on AM 770 CHQR radio; the Crownsmen Energy Show; Over a Barrel, a podcast hosted by the Canadian Heavy Oil Association; and in a Global Energy Show webinar on zero greenhouse gas (“GHG”) production of heavy oil and oil sands reservoirs. Through the balance of the summer, the Company is scheduled to be featured in a podcast hosted by the Alberta Clean Technology Industry Alliance and anticipates releasing a whitepaper on the zero GHG project in early July.
ABOUT ACCELEWARE:
Acceleware (www.acceleware.com) is an innovator of clean-tech oil and gas technologies comprised of two business units: Radio Frequency (RF) Enhanced Oil Recovery and Seismic Imaging Software.
Acceleware is developing RF XL and Modular RF, its patented and patent-pending low-cost, low-carbon production technologies for heavy oil and oil sands that are materially different from any heavy oil recovery technique used today. They will use no water, require no solvent, have a small physical footprint, can be redeployed from site to site, and can be adapted to a multitude of reservoir types, while expected to greatly reduce and eventually eliminate production of greenhouse gas emissions (GHG). In shallow oil sands implementations, no tailings ponds will be required.
Our seismic imaging software solutions are state of the art for high fidelity imaging, providing the most accurate and advanced imaging available for oil exploration in complex geologies. Acceleware is a public company on Canada’s TSX Venture Exchange under the trading symbol “AXE”.
NOTE REGARDING FORWARD-LOOKING INFORMATION AND OTHER ADVISORIES
This news release contains “forward-looking information” within the meaning of Canadian securities legislation. Forward-looking information generally means information about an issuer’s business, capital, or operations that are prospective in nature, and includes disclosure about the issuer’s prospective financial performance or financial position.
The forward-looking information in this press release can be identified by terms such as “believes”, “estimates”, “plans”, “potential”, and “will”, and includes information about the anticipated performance levels of the RF XL technology. Acceleware assumes that research and development effort including testing to date and the commercial-scale test plans will result in commercial-ready products.
Actual results may vary from the forward-looking information in this press release due to certain material risk factors. These risk factors are described in detail in Acceleware’s continuous disclosure documents, which are filed on SEDAR at www.sedar.com.
Acceleware assumes no obligation to update or revise the forward-looking information in this press release, unless it is required to do so under Canadian securities legislation.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this release in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
DISCLAIMER
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.
For further information: Geoff Clark, CEO Tel: +1 (403) 249-9099 geoff.clark@acceleware.com
Acceleware Ltd. 435 10th Avenue SE Calgary, AB, T2G 0W3 Canada Tel: +1 (403) 249-9099 www.acceleware.com