Acceleware Announces Agreement for Asset Transfer and New Farmout Opportunity with O’Neill Industries International-Canada Inc.

Core Viewpoint - Acceleware Ltd. has entered into the Marwayne Agreement with O'Neill Industries International-Canada Inc., facilitating the transfer of certain assets and wells in Marwayne, Alberta, which aims to enhance cash flow and support the commercialization of its RF XL 2.0 technology [1][2]. Group 1: Agreement Details - The Marwayne Agreement involves Acceleware transferring its interests in existing wells, production equipment, leases, and licenses to O'Neill Canada for cash, assumption of liabilities, and a 5% gross overriding royalty (GORR) on future production for 12 months, with an estimated net benefit of $460,000 to Acceleware [8]. - Acceleware retains ownership of all RF XL heating and related equipment at Marwayne, including the Clean Tech Inverter (CTI) [8]. - A new farmout agreement is to be established within 90 days, allowing Acceleware to drill new RF XL 2.0 compliant test wells over the next five years [8]. Group 2: Strategic Intent - The agreement is part of Acceleware's strategy to transition from a research and development focus to a cash flow-generating enterprise, with the potential for future multi-well deployments of RF XL 2.0 at Marwayne [2]. - O'Neill Canada has been producing heavy oil at Marwayne and plans to increase production volumes through cold flow and thermal recovery techniques, indicating a mutually beneficial arrangement [3][10]. Group 3: Company Background - Acceleware is an advanced electromagnetic heating company specializing in radio frequency power-to-heat solutions aimed at decarbonizing industrial processes while reducing costs [4]. - The company is actively developing its patented RF XL technology, which is a low-cost, low-carbon thermal enhanced oil production method distinct from existing recovery techniques [6].