Canada’s Acceleware says a small-scale acquisition of Saskatchewan oil production interests from a private firm can help it demonstrate its electromagnetic heating technology while generating income.
The Toronto-listed company said a C$100,000 cash payment and production royalty agreement with the vendor gave it access to land across a multi-zone Mannville Stack heavy oil fairway in Saskatchewan’s west, including a producing horizontal well, with some surface infrastructure, subject to the deal getting regulatory approval.
Acceleware CEO Geoff Clark described the package as a “low-cost entry into a multi-zone Mannville Stack asset with existing production and significant development upside”.
“The assets combine a producing Rex zone well with a large land position which we believe is well suited for both cold-flow multilateral and RF XL 2.0 development,” he said.
“This establishes a strong foundation for future deployment and production growth.”
Clark said Acceleware aimed to maintain production while it advanced subsurface and reservoir characterisation across the stacked Mannville intervals and regulatory and environmental baseline work.
The acquisition was part of Acceleware’s strategy to build a portfolio of heavy oil assets suited for RF XL 2.0 deployment and generating near-term production. “In combination with the company’s two previously announced farm-in projects this acquisition significantly strengthens Acceleware’s inventory within a core heavy oil fairway and establishes a platform for scalable development and future technology deployment,” the company said.
Acceleware’s RF XL 2.0 is a proprietary radio frequency power-to-heat technology shown through commercial-scale piloting to be an option for large-scale industrial heating applications.
