Calgary, AB, June 14, 2016 – Acceleware Ltd. (TSX-V:AXE) announced plans to test and commercialize its patent-pending "RF XL" heating technology that has the potential to save billions of dollars in oil sands production costs while significantly reducing GHG emissions and water use.  Calgary-based Acceleware will partner with GE to develop critical power components and complete a pilot test of the disruptive new heavy oil production technology.

Acceleware's technology uses radio waves instead of steam, driving down the cost of oil sands production and lowering its environmental impact comparable to that of other global sources of crude oil. While RF XL provides a low-cost, low-carbon method to produce heavy oil and oil sands bitumen on its own, it can also improve production from existing and future SAGD projects.

Acceleware will adapt GE's next generation silicon-carbide (SiC) power electronics technology to meet the requirements of RF XL. Acceleware expects pilot testing will draw on the expertise of a consortium of oil producers, with technology deployment on a typical oil sands well pair slated for 2017.  Due to the simplicity of the solution, the company believes it can be tested, commercialized, and ready for wide-scale deployment in three to five years.

"We believe RF XL has the potential to deliver operating cost savings of up to 50%, which is significant when compared to the current industry average operating cost of $14.39 for SAGD1,"  said Mike Tourigny, VP Commercialization of RF Heating for Acceleware.  "We also see potential for capital cost reductions on the order of 66% when compared to the industry average for SAGD.  In addition to compelling economic benefits, this technology requires no external water, uses no solvents or chemicals, and should reduce GHG emissions by 50% or more."

A key to achieving the operating and capital cost reductions from the Acceleware solution is the integration of GE's proprietary high-efficiency SiC power electronics.

"We are enthusiastic about contributing to the development of game changing oil sands recovery technologies that have the potential to dramatically lower the environmental footprint associated with upstream oil sands operations," said Brian Gregg, Manager for GE Global Research in Canada.  Over the last several years, researchers at GE Global Research have been developing SiC-based high power, high frequency converters for various applications including renewable energy, marine DC transmission and offshore oil and gas.  The collaboration with Acceleware will give us yet another application to demonstrate the capability of our unique power electronics technology.

The recently filed RF XL patent application adds to Acceleware's growing intellectual property asset base with additional applications expected to be filed in the coming months.

ABOUT ACCELEWARE:

Acceleware (www.acceleware.com) is an innovator of clean-tech oil and gas technologies comprised of two business units: Radio Frequency (RF) Enhanced Oil Recovery and Seismic Imaging Software.

Acceleware is developing RF XL and Modular RF, its patented and patent-pending low-cost, low-carbon production technologies for heavy oil and oil sands that are materially different from any heavy oil recovery technique used today. They will use no water, require no solvent, have a small physical footprint, can be redeployed from site to site, and can be adapted to a multitude of reservoir types, while expected to greatly reduce and eventually eliminate production of greenhouse gas emissions (GHG). In shallow oil sands implementations, no tailings ponds will be required.

Our seismic imaging software solutions are state of the art for high fidelity imaging, providing the most accurate and advanced imaging available for oil exploration in complex geologies. Acceleware is a public company on Canada’s TSX Venture Exchange under the trading symbol “AXE”.

DISCLAIMER

Neither the 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 release.

For further information:

Geoff Clark, CEO
Tel: +1 (403) 249-9099
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Acceleware Ltd.
435 10^th Avenue SE
Calgary, AB, T2G 0W3 Canada
+1 (403) 249-9099
www.acceleware.com