The President's Blog
I know for a lot of people, 2018 was a year they’d like to forget. However, for anyone associated with Acceleware, 2018 was a year to remember; full of incredible progress and achievement. We exited 2017 with $10 million in funding from Sustainable Development Technology Canada (SDTC) and Emissions Reduction Alberta (ERA). With this financing secured, we were off in search of a test site for our transformational RF XL clean-tech innovation.
A few recent and upcoming events are prompting me to finally write a new blog post. I recently gave a talk about RF XL at the Canadian Heavy Oil Association’s fall conference, where there was a lot of buzz about making Alberta’s bitumen and heavy oil more competitive. Along with partial upgrading and reducing diluent requirements (a necessity with constrained pipeline capacity), oil sands and heavy oil producers are obsessed with operating costs — with good reason. A lot has been said recently about the competitiveness of oil sands and heavy oil, particularly from a Canadian perspective.
Calgary, AB, February 23, 2017 – Acceleware® Ltd. (“Acceleware” or the “Corporation”) (TSX-V: AXE), today announced that it has granted stock options to acquire up to 3,099,632 common shares of the Corporation to certain of its employees, officers and directors. The options have an exercise price of $0.21 per common share and expire on February 22, 2022.
Calgary, Canada, Oct 26, 2016 – Acceleware Ltd. (TSX-V:AXE) announced today that the company has filed a new patent application which the company believes will, among other things, add better economics and faster time to oil production to existing RF XL heating technology.
It has been a while since the last blog post, and I’ll dispense with the usual excuses. Suffice it to say we have been extremely busy, and I am quite enthusiastic about our recent successes, despite the persistent low oil prices.
First off, apologies for the long interval between blog postings, I really have no excuse other than these are interesting times for a small oil and gas technology company. Thanks to those of you thoughtful enough to remind me, repeatedly in some cases, of my lapse.
I am excited to introduce you to the latest addition to the Acceleware family, AxHeat! Officially released June 5, AxHeat is a modeling application that enables heavy oil producers to accurately simulate the impact of using radio frequency (RF) heating to mobilize in situ heavy oil reserves. The product is the first of its kind, specifically built for simulating the RF heating process within a reservoir.
The lazy days of summer are coming to an end and fall is fast approaching. I hope you all enjoyed the summer and I’m glad to get back at my blog. Things are really heating up at Acceleware! In my last post, I promised to elaborate on why we are so excited about the prospect of heating heavy oil and bitumen reservoirs using radio frequency electrical energy (what we call RF heating).
Wow time flies, I’ve been promising this blog entry for a while so here goes. Exciting things are happening at Acceleware and as we move through 2013 Acceleware is more and more focused on oil and gas solutions and services. The Acceleware team continues to blend our in-house expertise in HPC, Geophysics and Electromagnetics to offer the energy industry technology solutions that are unique and compelling.
I think it may be a good idea to explain why Acceleware is so excited about our seismic imaging roadmap. It is a truism in the petroleum industry that “all the easy oil has been found.” New meaningful reserves will only be discovered using innovative technology and techniques. Acceleware is assisting the world’s largest oil & gas players find new oil with its seismic imaging products. So how exactly does this work?
At the beginning of June Acceleware moved into a new office space. We are excited about the new location as it is closer to downtown, offers excellent coffee and ice cream nearby, and is a block away from the Calgary Stampede, which celebrated its 100th anniversary this year! The new office also has an upgraded server room, and better training facilities. A nice upgrade!