Acceleware Announces Agreement for Asset Transfer and New Farmout Opportunity with O’Neill Industries International-Canada Inc.
- graceclark30
- 4 days ago
- 5 min read
CALGARY, ALBERTA – June 26, 2025 – Acceleware® Ltd. (“Acceleware” or the “Company”) (TSX-V: AXE), is
pleased to announce it has entered into an agreement (the “Marwayne Agreement”) with O’Neill
Industries International-Canada Inc. (“O’Neill Canada”) that will result in the transfer of certain wells and
other assets located in Marwayne, Alberta, related liabilities, licenses and leases from Acceleware to
O’Neill Canada, and the termination of the existing farmout and option agreement dated May 19, 2020
between the Company and O’Neill Canada. O’Neill Canada is the Canadian entity of O’Neill Industries,
a US based company active in upstream production and oil field services globally. In exchange for the
above noted transfers, Acceleware will receive cash payments and a gross overriding royalty (“GORR”)
on future production from the wells as described below. The Marwayne Agreement sets the stage for
renewed collaboration between the Company and O’Neill Canada that includes a commitment to
establish a new farmout agreement at Marwayne where Acceleware can drill new RF XL 2.0 compliant
test wells in the next five years.
“The Marwayne Agreement is another strategic step intended to rapidly move us from a research and
development focus to becoming a cash flow generating enterprise and is one of several strategic steps
we are taking to accelerate RF XL 2.0’s path to market,” said Geoff Clark, CEO of Acceleware. “We are
pleased to realize near-term cash flow and added value from O’Neill Canada’s operations at Marwayne,
but also having the optionality to explore future multi-well deployments of RF XL 2.0 at Marwayne
provides great opportunity to the Company.”
Specific features of the Marwayne Agreement include:
Acceleware will transfer its interests in the existing wells, production equipment, leases, and
licenses to O’Neill Canada for a combination of cash, assumption by O’Neill Canada of any
abandonment and reclamation liabilities associated with the wells and surface lease, and a 5%
GORR on future production from the wells for a period of 12 months following commencement of
production from the transferred wells. Excluding future royalties, the net balance sheet benefit
to Acceleware is estimated to be $460,000.
Acceleware retains ownership of all RF XL heating and related equipment at Marwayne, including
the Clean Tech Inverter (CTI).
The existing farmout agreement between O’Neill Canada and Acceleware is terminated.
Acceleware and O’Neill Canada agree to enter into a new farmout agreement within 90 days of
entering into the Marwayne Agreement, which will allow Acceleware to redeploy new wells that
are suited for RF XL 2.0 at any time over the course of the next 5 years at O’Neill Canada’s
Marwayne asset.
“We’re pleased to have come to this agreement with Acceleware on Marwayne – the asset holds very
good value potential and both companies stand to benefit from the arrangement. For over a year, O’Neill
Canada has been producing heavy oil at Marwayne, and we plan to grow production volumes through
both cold flow and thermal recovery techniques,” said Alexander O’Neill, President of O’Neill Canada.
About Acceleware:
Acceleware is an advanced electromagnetic (EM) heating company with cutting-edge radio frequency
(RF) power-to-heat solutions for large industrial applications. The Company’s technologies provide an
opportunity to electrify and decarbonize industrial process heat applications while reducing costs.
The Company is working to use its patented and field proven Clean Tech Inverter (CTI) to materially
improve the efficiency of amine regeneration, and has partnered with a consortium of world-class potash
partners seeking to decarbonize drying of potash ore and other critical minerals. Acceleware is actively
developing other process heat applications and partnerships for RF heating.
Acceleware’s RF XL is a patented low-cost, low-carbon RF thermal enhanced oil production technology
for heavy oil that is materially different from any enhanced recovery technique used today.
Acceleware is a public company listed on the TSX Venture Exchange (“TSXV”) under the trading symbol
“AXE”.
About O’Neill Industries International-Canada Inc.:
O’Neill Industries is comprised of an integrated family of companies focused on the energy and
environmental sectors, offering a series of products, equipment, and services which bring new and
enhanced solutions for projects and partners. Responding to environmental challenges, developing
natural resources, and looking for opportunities to turn waste and obsolescence into energy and value.
Since 2023, O’Neill Industries Canadian arm, O’Neill Industries International-Canada Inc., has been
operating in Alberta with a large focus on heavy oil production, thermal recovery techniques, and Green
Cement.
Cautionary Statements
This news release contains forward-looking statements and/or forward-looking information (collectively,
“forward-looking statements”) within the meaning of applicable securities laws. When used in this
release, such words as “will”, “anticipates”, “believes”, “intends”, “expects” and similar expressions, as
they relate to Acceleware, or its management, are intended to identify such forward-looking statements.
Such forward-looking statements reflect the current views of Acceleware with respect to future events,
and are subject to certain risks, uncertainties and assumptions. Many factors could cause Acceleware’s
actual results, performance or achievements to be materially different from any expected future results,
performance or achievement that may be expressed or implied by such forward-looking statements.
Certain information and statements contained in this news release constitute forward-looking
statements, which reflects Acceleware’s current expectations regarding future events, including, but not
limited to: the future benefits arising from the Marwayne Agreement; the Company’s ability to
successfully complete commercialization of RF XL 2.0; the entering into of a new farmout and option
agreement between the Company and O’Neill Canada; deployment of RF XL 2.0; the initiatives to be
implemented by the Company’s management to shift the Company’s focus from research and
development to cash flow generation; the timing to complete certain milestones in the Marwayne
Agreement; and the impact of the Marwayne Agreement on Acceleware’s business and shareholder
value.
Forward-looking statements are subject to known and unknown risks, uncertainties and other important
factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including
but not limited to: the availability of potential heavy oil production rights in western Canada, the
availability of investment capital and other funding, the high degree of uncertainties inherent to feasibility
and economic studies which are based to a significant extent on various assumptions; variations in
commodity prices and exchange rate fluctuations; variations in cost of supplies and labour; lack of
availability of qualified personnel; receipt of necessary approvals; availability of financing for technology
and project development; uncertainties and risks with respect to developing and adopting new
technologies; general business, economic, competitive, political and social uncertainties; change in
demand for technologies to be offered by the Company; obtaining required approvals of regulatory
authorities and/or shareholders, as applicable; ability to access sufficient capital from internal and
external sources. For a more fulsome list of risk factors please see the Company’s December 31, 2024,
year-end Management Discussion and Analysis (“MD&A”) available on SEDAR+ at www.sedarplus.ca.
Management of the Company has included the above summary of assumptions and risks related to
forward-looking statements provided in this release to provide shareholders with a more complete
perspective on the Company’s current and future operations and such information may not be
appropriate for other purposes. The Company has attempted to identify important factors that could
cause actual results to differ materially from those contained in forward-looking statements, there may
be other factors that cause results not to be as anticipated, estimated or intended. There can be no
assurance that such statements will prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Forward-looking statements included in this news
release should not be read as guarantees of future performance or results. Accordingly, readers should
not place undue reliance on forward-looking statements. The Company does not undertake to update any
forward-looking statements, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release is intended for distribution in Canada only and is not intended for distribution to
United States newswire services or dissemination in the United States.
For more information:
Geoff Clark
Tel: +1 (403) 249-9099
