Acceleware Buys Mannville Stack Heavy Oil Assets
Acceleware (AXE.V) on Monday said it bought 35 net sections of heavy oil assets located in the Mannville Stack in Saskatchewan from a private oil and gas company.The company, which is testing it RF XL 2.0 technology to hear heavy-oil deposits so they can flow to the surface, said it paid $100,000 cash and granted a gross overriding royalty on future production. The assets comprise 35 net sections of land across a multi-zone heavy oil fairway, one horizontal well in the Rex zone producing 15 barrels of working interest heavy oil per day before royalties, another horizontal well requiring a workover, along with associated surface leases and infrastructure, it said."This acquisition provides Acceleware with a highly strategic, low-cost entry into a multi-zone Mannville Stack asset with existing production and significant development upside," said Chief Executive Geoff Clark. "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. This establishes a strong foundation for future deployment and production growth."Initial plans include maintaining production from the Rex zone, while evaluating production enhancing opportunities in existing wells, it said. The company also intends to advance subsurface and reservoir characterization across the stacked Mannville intervals, while completing necessary regulatory and environmental baseline work.Subsequent phases are expected to include drilling multilateral cold-flow horizontal wells and designing an RF XL 2.0 development plan targeting multiple zones.Shares of the company were last seen unchanged $0.075 on the TSX Venture Exchange.
