raise production inc (GLKFF) Key Developments
Raise Production Inc Provides Update on Field Testing of Horizontal Wellbore Production System
Apr 10 14
Raise Production Inc. provided its shareholders with an update regarding recent field testing of its horizontal wellbore production 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 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, the company informed 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.
Raise Production Inc. Completes Second Deployment of Horizontal Wellbore Production System
Jan 24 14
Raise Production Inc. provided an update regarding the next stage of field testing its horizontal wellbore production system. These operations were performed in the same wellbore as the previous prototype test System located in a Viking reservoir near Kindersley, Saskatchewan. The recent field operations included the successful retrieval of the two pump prototype System originally deployed in August of 2013 and the successful deployment of a new prototype System designed to closely resemble a commercial configuration with pumping units aligned across the entire length of the horizontal section of the test wellbore. Raise is currently commissioning its start-up procedures for the new System. Following start-up, Raise and its oil & gas industry partner will operate a test period for this System which is anticipated to last at least 90 days and will provide no further commentary until the conclusion of the testing. This is the second of a graduated three deployment test program for the System.
Raise Production Inc. Provides Update on Planned Second Deployment of Horizontal Wellbore Production System
Dec 17 13
Raise Production Inc. announced that provide its shareholders with an update on the testing and development of its horizontal wellbore production system. An upcoming deployment is the second of three planned graduated tests of the System, and follows a successful deployment of a prototype System in August, 2013. This System is designed to closely resemble a commercial configuration with pumping units that will be aligned across the entire length of the horizontal section of the test wellbore. All pumping units have been assembled and successfully tested in Raise's facilities in Calgary. After collaboration with the company's oil & gas industry partner and other service providers, in light of the holiday season deployment is scheduled for the week of January 12, 2014. The deployment will be in the same wellbore as the previous prototype test System which is located in a Viking reservoir near Kindersley, SK. Raise and its oil & gas industry partner will operate a test period for this System which is anticipated to last at least ninety days and will provide no further commentary until the conclusion of the testing.
Raise Production Inc. Reports Unaudited Financial Results for the Third Quarter and Nine Months Ended September 30, 2013; Announces Impairment Charges
Nov 26 13
Raise Production Inc. reported unaudited financial results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported revenue of $90,735 against $20,067 a year ago. Net loss and comprehensive loss was $880,117 against $1,113,535 a year ago. Basic and diluted net loss per share was $0.01 against $0.03 a year ago.
For the nine months, the company reported revenue of $209,553 against $244,094 a year ago. Net loss and comprehensive loss was $2,312,438 against $1,929,953 a year ago. Basic and diluted net loss per share was $0.04 against $0.06 a year ago.
For the quarter, the company reported inventory impairment of $382,776.
Raise Production Inc. Completes First Field Testing of its System and Schedules Second Deployment
Oct 21 13
Raise Production Inc. announced it has completed a 60 day test period of its prototype horizontal wellbore production system (the System). During the week of August 12, 2013, the company deployed its first System in a horizontal well producing from the Viking formation in Kindersley, Saskatchewan. The field deployment of this original prototype system was an extension of the testing previously completed by the company in its facilities. Over the subsequent two months, the company conducted a number of tests on the System designed to provide detailed information regarding flow dynamics, System and vertical lift integration, and insight into reservoir characteristics along the horizontal section. Test results which confirm the System is working as designed, is stable, robust and verifies the theory that the System can have a meaningful impact on horizontal flow. Additionally, some results have led to the creation of procedures and equipment modifications and manufacturing of parts, which are not related to the company's System but may have copyright or patent potential, and as such the company is not prepared to make public disclosure of detailed test procedures and results at this time. It is important to note, that based on the results, data and successful operation of the prototype System, the company has agreed with its industry partner to install a commercial System in the second deployment of its three system deployment test program at the end of November or early December 2013. The deployment will be in the same wellbore as the recently completed test.