DIVERGENT Energy Services Announces Achievement of Milestone for Next Linear Electric Submersible Pump Installation
CALGARY, ALBERTA--(Marketwired - Nov. 6, 2015) -
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
DIVERGENT Energy Services Corp. ("Divergent") (TSX VENTURE:DVG) is pleased to announce that the next shipment of its second-generation Linear Electric Submersible Pump (the "Pump") has cleared US Customs on November 4, 2015 and will be shipped to a staging yard in Saskatchewan, expected arrival no later than November 13, 2015.
Once the Pump has arrived in the staging yard, Divergent will coordinate the installation and associated start-up dates with the client, the timing of which will be dependent on the client's field operations schedule and resource availability through the remainder of 2015.
Divergent's test facility recently commenced a series of operating tests with a previously delivered Pump. This Pump will be dedicated to the test facility for the near term, and will continue to be run at various rates and pressures to simulate a variety of well types. The limited results observed thus far confirm that the power output and overall performance of the Pump is meeting or exceeding expectations. As previously announced, the second-generation Pump has two key improvements over previous pumps:
- 25% more power - which will deliver higher pump rates and increase its capacity for utilization within deeper wells; and
- 50% less friction - the redesigned shaft of the motor moves with 50% less friction, providing the motor section with longer life and lower electricity costs.
Divergent will continue to provide updates on key milestones related to the installation and start-up of its Pump as developments occur, with the next corporate update expected within its third quarter 2015 financial and operational results anticipated to be released on November 20, 2015.
ABOUT THE PUMP AND DIVERGENT'S TECHNOLOGY
The permanent magnet motor technology that Divergent is advancing in its Pump has the effect of duplicating rod pump movement without the rod strings or surface lifting equipment typically used in traditional oil pumpjacks by generating thrust from a magnetic field and magnets placed on the shaft of the motor. All moving parts are contained within the submersible housing, and using Divergent's Pump eliminates rod and tubing wear, making the Pump ideally suited for precise placement within bent or curved wellbores, including horizontal oil wells.
ABOUT DIVERGENT ENERGY SERVICES CORP.
Headquartered in Calgary, Alberta, DIVERGENT Energy Services Corp. provides an array of artificial lift products and services that are used in the oil and gas industry, including its revolutionary Linear Electric Submersible Pump. Divergent's Pump is approaching commercialization and is targeted to replace traditional oil pumpjacks. Other Divergent products currently in use by its oil and gas industry customers include Electric Submersible Pumps and Electric Submersible Progressing Cavity Pumps.
FORWARD LOOKING STATEMENTS
This document contains information that constitutes forward-looking information and financial outlook within the meaning of applicable securities legislation. This forward-looking information and financial outlook is identified by the use of terms and phrases such as "anticipate," "achieve", "achievable," "believe," "estimate," "expect," "intend", "plan", "planned", and other similar terms and phrases. This information and outlook speaks only as of the date of this document and we do not undertake to publicly update the forward-looking information and financial outlook contained in this document except in accordance with applicable securities laws.
Forward-looking information and financial outlook is based on current expectations, estimates, projections and assumptions, which we believe are reasonable but which may prove to be incorrect and therefore such forward-looking information and financial outlook should not be unduly relied upon. In addition to other factors and assumptions which may be identified in this document, assumptions have been made regarding, among other things: industry activity; the general stability of the economic and political environment; effect of market conditions on demand for the Company's products and services; the ability to obtain qualified staff, equipment and services in a timely and cost efficient manner; the ability to operate its business in a safe, efficient and effective manner; the performance and characteristics of various business segments; the effect of current plans; the timing and costs of capital expenditures; future oil and natural gas prices; currency, exchange and interest rates; the regulatory framework regarding royalties, taxes and environmental matters in the jurisdictions in which the Company operates; and the ability of the Company to successfully market its products and services.
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.
Source: Marketwired (Canada)
(November 6, 2015 - 9:00 AM EST)
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