raise production inc (GLKFF) Key Developments
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 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.
Raise Production Inc. Reports Unaudited Financial Results for the Third Quarter and Nine Months Ended September 30, 2014
Nov 18 14
Raise Production Inc. reported unaudited financial results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported revenue of $78,783 against $84,470 a year ago. Interest income was $14,763 against $6,265 a year ago. Net loss and comprehensive loss was $416,671 against $880,117 a year ago. Basic and diluted net loss per share was $0.00 against $0.01 a year ago.
For the nine months, the company reported revenue of $142,833 against $192,117 a year ago. Interest income was $50,748 against $17,436 a year ago. Net loss and comprehensive loss was $1,192,627 against $2,312,438 a year ago. Basic and diluted net loss per share was $0.01 against $0.04 a year ago.
Raise Production Inc Announces Unaudited Financial Results for the Second Quarter and Six Months Ended June 30, 2014
Aug 27 14
Raise Production Inc. announced unaudited financial results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported revenue of $19,272 against $105,641 a year ago. Net loss and comprehensive loss was $367,531 or $0.00 per diluted share against $404,024 or $0.01 per diluted share a year ago.
For the six months, the company reported revenue of $100,035 against $118,818 a year ago. Net loss and comprehensive loss was $775,956 or $0.01 per diluted share against $1,432,321 or $0.03 per diluted share a year ago.