The Company is pleased to update shareholders on its activities and on
the progress of the Horizontal Wellbore Production System (the
The Company recommenced testing of the System at our industry partner
As we continue to monitor results and gain understanding of the effect
of the System on the wellbore and flow characteristics we are in a
better position to select the best wells for deployment. To this end,
the Company is in negotiations with a new partner for the deployment of
an additional System into another area of the Viking reservoir. We
anticipate completing this installation in late June, depending on
availability of third party equipment and our customer's approval. This
deployment is again in a Viking formation with a wellbore that has
declined significantly from its initial production rates. However,
unlike our existing test well, this candidate had exhibited higher
production on a consistent and stabilized basis.
Although significant progress has been made, there is still some
important work to be done to have this System and subsequent iterations
become commercial over a wide range of horizontal wellbores.
Looking forward, the Company has two significant strategic initiatives
currently underway. First, continuous development is occurring within
our Research & Development group to expand and improve critical
features of the System to meet other more demanding applications such
as deeper and higher volume wells. Second, strategic planning for
commercial operations is well underway. The Company will continue to
recruit additional staff to increase manufacturing capacity and seek
new avenues for supply of material and finished products to be ready
for commercial deliveries. Both of these processes take considerable
time and effort and need to proceed in a systematic, but aggressive
|RESULTS OF OPERATIONS|
|Statement of Operations (Unaudited)|
|Cost of sales||52,092||16,898|
|Gross margin (loss)||28,670||(3,721)|
|General and administration||375,336||466,959|
|Depreciation and amortization||40,060||37,721|
|Net loss and comprehensive loss||$||(408,425)||$||(1,028,297)|
|Net loss per share - basic and diluted||$||(0.00)||$||(0.02)|
Raise's full unaudited condensed interim financial statements and
management's discussion and analysis will be filed shortly on the
Company's profile on the SEDAR website.
The Company is an innovative oilfield service company that focuses its
efforts on the production service sector, utilizing its patented
products to enhance and increase ultimate production in both
conventional and unconventional horizontal oil and gas wells.
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 ability of the Company to obtain
required capital to finance its new product development, the successful
completion of further product development and testing, 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 opinions 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.
Forward-looking statements are subject to certain risks and
uncertainties that could cause actual events or outcomes to differ
materially from those anticipated or implied by such forward-looking
statements. 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 outcomes.