AXE Acceleware Ltd

Acceleware Ltd. (“Acceleware” or the “Company”) (TSXV: AXE), a Canadian clean-tech innovator of radio frequency (RF) heating technologies that enable the electrification of industrial heat and promise a dramatic reduction in greenhouse gas (GHG) emissions, today announced that the Company has finished its drilling and completions program for the commercial-scale RF XL pilot project at Marwayne, Alberta (the “Pilot”), and has initiated facilities installation, representing a major milestone in the execution of the Pilot. RF XL is a next generation, patented, low-cost, non-aqueous recovery solution which could yield low-to-zero scope 1 and scope 2 GHGs to produce heavy oil and oil sands.

The drilling and completions program of the Pilot involved the successful completion of the producer well and the deployment of two RF XL transmission lines into the heating well horizontals. The Pilot producer well was spudded on August 12, 2021 using Akita Drilling Ltd.’s (“Akita”) Rig 29. The majority of the drilling program, including the 800m producer lateral, was successfully wrapped up on Sept 2, 2021. The subsurface execution resumed on Nov 6, 2021, using Akita’s Rig 34, to drill the remaining two heating lateral sections and install the proprietary RF XL transmission lines. Halliburton provided directional services throughout the drilling program. Completion of the producer well was accomplished with Precision Drilling Rig 596, and included installation of a progressive cavity pump and temperature and pressure monitoring equipment.

“With Acceleware’s RF XL pilot being the first of its kind, drilling both wells, completing the producer well, and most importantly successful deployment of the RF XL radiating structures in the horizontal laterals marks a major milestone for this project. This work involved an amazing collaborative effort from over a dozen companies – most of which, we are proud to say, are Alberta based,” said Laura McIntyre, project lead and CTO of Acceleware. “I’d like to extend our sincere thanks and congratulations to everyone who took part.”

Service partners involved in the drilling and completions program of the Pilot included Halliburton, Akita Drilling Ltd., Precision Drilling, Tristar Resource Management Ltd., Weatherford Canada Ltd., CES Energy Solutions, Precise Downhole Solutions, Tenaris, Stream-Flo Industries Ltd., Pro Pipe Service and Variperm Energy Services Inc., among others.

Said Doug Schweitzer, Alberta’s Minister of Jobs, Economy and Innovation, “Acceleware’s pilot project is a prime example of the homegrown technology and innovation that is pushing our province forward. Our innovators are working together to make ground-breaking discoveries and commercialize the solutions our energy industry, and the world needs – and in turn is helping Alberta lead the way to a sustainable, diversified energy future.”

“Halliburton was honoured to collaborate on the drilling of this innovative well pair,” said John Gorman, Halliburton VP Canada, West Coast USA. “As society works towards a low carbon future, we look forward to developing innovative technology solutions with our customers that could help to reduce each companies’ emissions.”

Facilities installation has commenced, and will involve installation of power lines, move in of the electrical house, and production piping. RF XL heating will start shortly after installation of the remaining electrical and monitoring equipment in the heating well, and final commissioning. While the initial heating phase is planned for approximately six months, this period may be extended to allow Acceleware to capture additional information on the efficiency and operation of the technology.

If proven successful, the Pilot will mark a world first for electrification of low-to-zero GHG heavy oil and oil sands production. RF XL is designed to generate zero scope 1 and scope 2 GHG emissions when it is powered entirely by renewable electricity, nuclear, or other clean power sources. In addition, RF XL eliminates the need for fresh water, which in turn means fewer surface facilities and less land disturbance, offering a cleaner and more sustainable solution to meet the world’s growing demand for energy. With a successful Pilot and subsequent commercialization, numerous potential environmental benefits could be realized by oil sands and heavy oil producers deploying RF XL, and the Company anticipates highly skilled job creation as well as skilled jobs transition opportunities, including jobs for Indigenous peoples.

Acceleware’s Marwayne Pilot is supported by Sustainable Development Technology Canada, Emissions Reduction Alberta, Alberta Innovates, Broadview Energy, and three major oil sands partners, including Cenovus and Suncor.

For further information about the Pilot, to review prior news releases and learn more about Acceleware’s innovative RF XL technology, please visit the Company’s website at acceleware.com.

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, its patented low-cost, low-carbon production technology for heavy oil and oil sands that is materially different from any heavy oil recovery technique used today. Acceleware's vision is that electrification of heavy oil and oil sands production can be made possible through RF XL, supporting a transition to much cleaner energy production that can quickly bend the emissions curve downward. Further, Acceleware’s RF XL technology could be a key component of an end-to-end integrated carbon management system that can eliminate greenhouse gas (GHG) emissions associated with heavy oil and oil sands production, whether for fossil fuels, or for future clean bitumen by-products such as petrochemicals, carbon fibre, and blue or green hydrogen production. RF XL uses no water, requires no solvent, has a small physical footprint, can be redeployed from site to site, and can be applied to a multitude of reservoir types. In shallow oil sands implementations, no tailings ponds will be required. 

Acceleware has partnered with Saa Dene Group (co-founded by Jim Boucher) to create Acceleware | Kisâstwêw to raise the profile, adoption, and value of Acceleware technologies. The shared vision of the partnership is to improve the environmental and economic performance of the energy sector by supporting ideals that are important to Indigenous peoples, including respect for land, water, and clean air.

The Company’s 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 listed on Canada’s TSX Venture Exchange under the trading symbol “AXE”.

ABOUT ALBERTA INNOVATES (AI):

Alberta Innovates is the province’s largest research and innovation agency. From funding to commercialization, we are Alberta’s innovation engine.

We are working to solve today’s challenges, create new opportunities and forge a healthy, sustainable and prosperous future for Albertans today and for generations to come.

We are where innovation happens, and we touch every corner of the province for the benefit of all Albertans.

ABOUT SUSTAINABLE DEVELOPMENT TECHNOLOGY CANADA (SDTC):

Sustainable Development Technology Canada (SDTC) helps Canadian companies develop and deploy competitive, clean technology solutions, to help solve some of the world’s most pressing environmental challenges: climate change, clean air, clean water, and clean soil. By taking a cross-Canada approach, from seed to scale, and in partnership with the best peers and experts, SDTC is the global benchmark for sustainable development innovation programming. Learn more at sdtc.ca.

ABOUT EMISSIONS REDUCTION ALBERTA (ERA):

For more than 10 years, ERA has been investing the revenues from the carbon price paid by large final emitters to accelerate the development and adoption of innovative clean technology solutions. Since ERA was established in 2009, they have committed $646 million toward 204 projects worth $4.5 billion that are helping to reduce GHGs, create competitive industries and are leading to new business opportunities in Alberta. These projects are estimated to deliver cumulative reductions of 37.7 million tonnes of CO₂e by 2030.

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 timing of the execution of the Pilot, and the anticipated benefits of the RF XL technology. Acceleware assumes that current timelines will not be delayed by either internal or external causes, and that research and development effort including 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 more information:Geoff ClarkTel: +1 (403) 249-9099geoff.clark@acceleware.com

Acceleware Ltd.435 10th Avenue SECalgary, AB, T2G 0W3CanadaTel: +1 (403) 249-9099www.acceleware.com

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/abee9981-d6ea-425b-9808-f67a2d6acac3

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