raise production inc (GLKFF) Key Developments
Raise Production Inc. Reports Earnings Results for the First Quarter Ended March 31, 2015
May 27 15
Raise Production Inc. reported earnings results for the first quarter ended March 31, 2015. For the period, the company reported revenue $22,000 against $62,661 a year ago. Net loss &comprehensive loss was $446,048 against $408,4259 a year ago. Net loss per basic & diluted share was $0.01 against $0.00 a year ago. Interest income was $7,848 against $62,661 a year ago.
Raise Production Inc. Reports Earnings Results for the Year Ended December 31, 2014
Apr 29 15
Raise Production Inc. reported earnings results for the year ended December 31, 2014. For the period, the company reported revenue $181,632 against $262,836 a year ago. Net loss &comprehensive loss was $1,685,736 against $2,593,429 a year ago. Net loss per basic & diluted share was $0.02 against $0.04 a year ago.
Raise Production Inc Auditor Raises 'Going Concern' Doubt
Apr 27 15
Raise Production Inc filed its Annual on Apr 27, 2015 for the period ending Dec 31, 2014. In this report its auditor, Ernst & Young LLP, gave an unqualified opinion expressing doubt that the company can continue as a going concern.
Raise Production Inc Provides an Operational Update of its Horizontal Wellbore Production System
Apr 14 15
Raise Production Inc. has provided an operational update regarding its Horizontal Wellbore Production System. During the month of March, the company received the latest iteration of the part that had caused previously disclosed malfunctions in the System during test deployments. This new part has been performing successfully for over three weeks in an accelerated performance test facility that closely resembles actual wellbore conditions. This test period equates to almost 70 days in actual field time. The part is the first to be received and pass initial quality control and testing protocols and is performing as required under functional conditions. In early April, the Company received an identical part from an alternate supplier using a different manufacturing process. This part has also passed initial quality control and testing, and is now undergoing extended testing under functional conditions at the Raise facility. This test has been ongoing for a number of days. The manufacturers of both parts, although using different processes, now have the ability to produce parts that are repeatable and consistent to standards required for field operations. The company will continue to test both samples over the ensuing weeks in the test chambers and upon successful completion of these tests, the System will be readied for deployment into the industry partner test wellbore.
Raise Production Inc Provides Operational Update of Its Horizontal Wellbore Production System
Mar 6 15
Raise Production Inc. provided an operational update regarding its Horizontal Wellbore Production System (the System). During the past few weeks, the company retrieved two Systems it had previously deployed in its test partners wells. Both Systems were retrieved without incident and provide further proof that running and pulling completions from the entire length of the horizontal section, even after an extended time period on production, is repeatable and will not act as any detriment to future System installations. The company is continuing to explore various materials and manufacturing processes on the previously mentioned part malfunction. To date, Raise has experienced delays in receiving qualified parts in its facility as its supplier has encountered issues producing the product to specification. This supplier is currently working to develop the product with an alternative material. In response to this issue, the Company has expanded its efforts to use different materials and alternative manufacturing processes. Raise is engaged with a number of possible suppliers with a view to receiving potential parts as soon as practical. Although risk is inherent in developing a new product and no guarantees can be given, at this time Raise believes the part it requires is a technically achievable product and it wants to inform shareholders it has numerous possible alternatives in terms of potential suppliers and manufacturing processes. In light of these delays, field testing will occur as soon as is practical upon successful receipt and testing of replacement parts. The company has also continued to deploy its proprietary vertical rod pumps ("Rod Pump") in test wells and it is currently on the final design and manufacture of what will be the final iteration for shallow and deep well applications of this technology. The Rod Pump is an integral component of the System but can also have commercial application as a stand alone product once testing and validation of life cycles is completed.