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Acceleware Secures Investment from Major Oil Sands Producer on RF XL Commercial Pilot
Acceleware Secures Investment from Major Oil Sands Producer on RF XL Commercial Pilot ...
About this update from Acceleware Ltd.
[{"type":"text","content":"\n\n\n\nAcceleware Secures Investment from Major Oil Sands Producer on RF XL Commercial Pilot\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Nov. 13, 2018\n\n\n\nCALGARY, Nov. 13, 2018 /CNW/ - Acceleware Ltd. (TSX-V: AXE) (\"Acceleware\" or the \"Company\") is very pleased to announce the participation of a major Calgary-based oil sands producer (the \"Producer\") in the commercial-scale RF XL pilot test of its radio frequency heating system. The Producer will provide funding of up to $2 million toward the RF XL pilot under the terms of a project funding agreement with Acceleware. In exchange for the funding, the Producer will be able to provide input into pilot designs and test specifications prior to completion, and will receive, along with the other pilot participants, exclusive access to the full set of detailed technical data and test results for one year following completion of the pilot. Acceleware has granted the Producer prioritized rights to host a subsequent test of Acceleware's RF XL technology, preferred pricing on pre-commercial products, and preferred access to RF XL products over operators who do not participate in the pilot. \n\"Securing $2 million in financial support plus certain technical input from a major oil sands operator is a substantial advancement in our commercialization efforts for RF XL.\" said Geoff Clark, CEO of Acceleware. \"We are excited to have secured investment from an industry leader who is interested in our work to further develop and prove this technology.\"\n\"Acceleware believes that RF XL technology can radically improve the economic and environmental performance of heavy oil and oil sands production, and will be a critical tool in the profitable and responsible development of the oil sands,\" added Mike Tourigny, VP Commercialization RF Heating. \nAs announced on July 17, 2018, the test will be completed at Prosper Petroleum Ltd.'s Rigel property in the Athabasca Oil Sands. Acceleware estimates the cost to complete the RF pilot will range from $16 to $20 million. The $2 million in financial support...