CALGARY, ALBERTA–(Marketwired – Oct. 4, 2017) – Raise Production Inc. (TSX VENTURE:RPC) (“Raise” or the “Company”) announces the expansion of its product line sales into the United States.
The Company is pleased to announce that it has entered into a distribution agreement with a major USA service provider. The distribution agreement is based on the success of Raise’s High Angle Lift Solution (“HALS“) and its cutting edge artificial lift equipment in the lateral section of horizontal wellbores, the Horizontal Artificial Recovery Technology (“HART“). The distributor has agreed to pre-purchase inventory for the initial customer trials in various Permian locations.
The HALS and HART systems when installed separately and together can significantly impact higher productivity basins leading to increased recoverable reserves for clients. The Company has referred to the HART system in previous press releases as the Horizontal Wellbore Production System or System.
Endurance Lift Solutions, LLC (“Endurance”) will distribute and service the Company’s products exclusively in the Permian and Bakken basins. Endurance currently has over 140 Master Service Agreements (MSAs) with exploration and production companies supported and serviced by 23 locations throughout the continental U.S. Endurance provides a complete line of high quality steel sucker rods and downhole pumps, as well as the market’s most advanced fiberglass sucker rod, and a full line of plunger lift equipment and services.
Endurance, a privately held company, was created to pursue growth opportunities in the artificial lift space, and is complemented by other artificial lift-related businesses including Catalyst Artificial Lift, Multi Products Company and CDI Oilfield Services (Romania). Endurance is owned by funds managed by private equity firms Crestview Partners and B29 Investments.
The distribution agreement is effective immediately and the Company will be conducting open houses in conjunction with Endurance in the Permian basin in October 2017.
About Raise Production Inc.
The Company is an innovative oilfield service company that focuses its efforts on the production service sector, utilizing its proprietary products to enhance and increase ultimate production in both conventional and unconventional horizontal oil and gas wells.
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.
Certain information included in this news release constitutes forward-looking statements under applicable securities legislation. Forward-looking statements or information typically contain or can be identified by statements that include words such as “anticipate”, “assume”, “based”, “believe”, “can”, “continue”, “depend”, “estimate”, “expect”, “forecast”, “if”, “intend”, “may”, “plan”, “project”, “propose”, “result”, “upon”, “will”, “within” or similar words suggesting future outcomes or statements regarding an outlook. Such forward-looking statements or information are based on a number of assumptions that may prove to be incorrect. Assumptions have been made regarding, among other things: the potential to increase recoverable reserves for customers by utilization of the HAL and HART systemsl, the ability to commercialize products and operations, the ability to adequately protect proprietary information and technology from its competitors; the ability to obtain partnering opportunities; the ability to attract and retain key personnel and key collaborators; and the ability to successfully compete in targeted markets.
The forward-looking statements contained in this news release are made as of the date hereof and the Company does not undertake any obligation to publicly update or revise any of the included forward-looking statements, except as required by applicable Canadian securities law. Forward-looking statements are based upon the current opinions, estimates, projections, assumptions and expectations of management of the Company as at the effective date of such statements and, in some cases, information supplied by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and that information received from third parties is reliable, it can give no assurance that those expectations will prove to have been correct. By its nature, forward-looking information involves numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statement will not occur. These risks and uncertainties include, but are not limited to: the possibility that testing, deployment and commercialization of the Company’s products and regulatory changes. Accordingly, readers should not place undue reliance upon the forward-looking statements contained in this news release and such forward-looking statements should not be interpreted or regarded as guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company’s continuous disclosure filings that are available at www.sedar.com.
President and Chief Executive Officer
Chief Financial Officer
Raise Production Inc.
2620-58th Avenue S.E.
Calgary, Alberta T2C 1G5