TSX-V: AXE
AXE PETROLEUM
A TECHNOLOGY-FORWARD HEAVY OIL PRODUCER
AXE Petroleum holds producing heavy oil assets in the Saskatchewan Mannville Stack. Development will select the best suited recovery method for each location, whether de-risked cold flow circulation string and multilateral technology, or Acceleware's proprietary high-leverage thermal RF XL 2.0.
THE DE-RISKED BASE
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Producing conventional heavy oil base in the Mannville fairway, Saskatchewan
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Conventional circulation string and open-hole multilateral wells
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Low-risk cold production: no thermal capital, near-term cash flow
Cash Flow Today
Production and infrastructure already in place, developed with methods long established across the Lloydminster Mannville.
THE LATENT UPSIDE
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RF XL, first piloted at commercial scale in Marwayne, Alberta
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Targets reservoirs where viscosity limits cold production
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Higher ultimate recovery compared to cold-flow
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No steam, no fresh water, no solvents
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Second pilot under development in Saskatchewan
Greater Returns, Longer-Term Cash Flow
RF XL 2.0 targets barrels that conventional methods leave behind as uneconomic, on land AXE Petroleum already holds.
A Producing Base In An Established Fairway
The Mannville Stack is an established heavy oil fairway with multiple productive horizons. AXE Petroleum's position combines existing production with a large undeveloped land base. AXE Petroleum continues to assess growth opportunities in the area.
35
2.5
16 bbl/d
net sections held
sections under farm-in
working interest heavy oil
Matching The Method To The Reservoir
No single recovery method suits every interval in a multi-zone fairway. AXE Petroleum's approach is to select from a toolkit of technologies rather than apply one technique everywhere.
CONVENTIONAL
Circulation String (CS)
Conventional cold production, and the lowest capital intensity of the 3 well types. Suited to intervals where oil will flow without added heat.
Proven success across the Lloydminster-area Mannville
CONVENTIONAL
Open-Hole Multilateral (ML)
Multiple laterals from a single wellbore, increasing reservoir contact without additional surface locations.
Cold flow
No thermal capital
PROPRIETARY THERMAL
RF XL 2.0
Acceleware's radio frequency (RF) technology, suited to intervals where viscosity limits cold production.
Highest ultimate recovery and NPV
Uses no steam, fresh water or solvents
RF XL 2.0
Acceleware's proprietary recovery technology
RF XL 2.0 is an all-electric RF enhanced oil recovery technology, built on the TRL 9 Clean Tech Inverter (CTI). RF XL 2.0 is intended to heat reservoirs directly using radio frequency energy, reducing viscosity and improving heavy oil mobility.
RF XL was field tested at commercial-scale at Marwayne, Alberta, with the support of three major operators. The system ran continuously up to 250 kW, the highest power level and longest continuous run time of any RF-based enhanced oil recovery technology. Reservoir temperature and oil production both increased, matching what Acceleware's simulations had predicted and validating the models now used to design future projects. The deployment advanced RF XL from TRL 4 to 8, with the CTI reaching TRL 9. Lessons from Marwayne informed the redesign of RF XL 2.0.
Reaches Barrels Others Cannot
Designed to increase recovery factor in reservoirs that other EOR methods cannot reach economically.
Materially Lower Cost
Targets materially lower costs than other enhanced oil recovery techniques, with a sealed transmission line design that reduces well, completion and wellhead costs.
No Steam, Water or Solvents
Acceleware's RF technology is suited to intervals where viscosity limits cold production.
From First Well Pair To Multi-Well Development
Acceleware has multiple sites suitable for commercial deployment of RF XL 2.0. The first demonstration is advancing at a Saskatchewan site with the potential for additional well pairs and multi-zone development across the wider portfolio.
We are here
Q1 2027
Q1 2028
Stage 1
Regulatory & Design
The application process has commenced with the Saskatchewan Ministry of Energy and Resources. Detailed design of the surface lease and well planning is underway.
Stage 2
First RF XL 2.0 well pair
Acceleware plans to drill an RF XL 2.0 horizontal well pair on Mannville Stack farm-in land.
Stage 3
Additional well pairs
Both the farm-in agreement 2.5 sections and the acquired 35 net sections have ideal locations for multi-well RF XL 2.0 development.
Up To $4.5 million in funding for stage 1 & 2 secured to date
Up to $2 million
Non-dilutive CRIN funding secured
Up to $2.5 million (est)
Saskatchewan Petroleum Innovation Incentive royalty credit