FutEra Power Corp. (“FutEra”), a subsidiary of Razor Energy Corp.
(“Razor” or the “Company”) (TSXV: RZE) which is a publicly traded
Alberta-based junior oil and gas company, is pleased to announce it
is entering the project execution stage of its co-produced
Geothermal Power Project in Swan Hills, Alberta (the “Project”).
For further investor information please contact
the undersigned at info@futerapower.com
This Project begins with field construction
activities, with financial and in-kind support from Razor (“Stage
Gate 1”). FutEra has partnered with our provincial and federal
governments to invigorate the emerging geothermal industry.
Provincially, Alberta Innovates (“AI”) and Emissions Reduction
Alberta (“ERA”), and federally, Natural Resources Canada (“NRCan”),
have provided grants to complete funding. With an estimated cost to
complete of $20 million, Stage Gate 1 will produce up to 3 MW of
green geothermal electricity. The planned second phase
of the Project (“Stage Gate 2”), adding a natural gas turbine and
optimizing the geothermal power efficiency, is estimated to cost an
additional $10 million. With both Stage Gate 1 and 2 of the Project
complete, the total nameplate electricity output will be 21 MW.
For further project information please visit the
FutEra website at www.futerapower.com
“This project is one of the many examples of the amazing
innovation happening in Alberta. This cutting-edge technology is
using existing assets to generate clean power, putting Alberta on
the map as a world leader in geothermal energy.”
Doug Schweitzer, Minister of Jobs, Economy and Innovation
“Razor Energy and FutEra Power have developed an
innovative approach to tap into Alberta’s existing oil and gas
assets for greener electricity production, making use of both
natural gas and geothermal energy. This first-of-its-kind project
can help accelerate geothermal co-production and hybrid projects at
other high-potential oil and gas sites across the province. ERA is
pleased to have worked closely with our Trusted Partners, Alberta
Innovates and Natural Resources Canada, to support this clean
technology solution that will reduce emissions, lower costs,
attract investment, and create jobs in Alberta.”
Steve MacDonald, CEO, ERA
“Geothermal clean technology is a natural and
growing fit for Alberta. This project is paving the way for
commercial geothermal co-production use across Western Canada. The
expertise and experience gained will also open opportunities for
Alberta-based know-how around the world.”
Laura Kilcrease, CEO, AI
“Razor and FutEra have committed to facing the
challenges of producing energy with increasingly sustainable
methods through novel and innovative solutions. This Project is the
first of many engagements planned between our two companies. We
deeply appreciate our public partners AI, ERA and NRCan and commend
their vision. Together, we will build better outcomes for Albertans
and our stakeholders.”
Doug Bailey, President & CEO at Razor and
Executive Director of FutEra
“When you visit the field and lay your hand on
pipe that is too hot to hold, your whole paradigm shifts. That heat
is earth heat, and renewable. Innovation is just a matter of
working the challenge, building on traditional best practices and
adding the twist to harvest earth heat. In addition, we have been
collaborating with all the regulatory agencies to forge a new path
for industry. There are endless possibilities as we build FutEra
into a leading sustainable energy company.”
Lisa Mueller, President & CEO of FutEra
Background
Razor produces and injects large volumes of very
hot water, a renewable form of geothermal energy, daily as part of
its ongoing conventional oil and gas operations and waterflood
activities. This hot water provides FutEra with the opportunity to
capture geothermal heat energy and generate power with zero
Greenhouse Gas emissions. Co-production means no new surface land
footprint is required as the Project utilizes existing assets such
as processing infrastructure, producing wells, produced water
reinjection system and an operating gathering and distribution
system. Using existing assets yields cumulative and substantive
effects of reducing typical geothermal project capital outlay,
reducing supply risk and improving economic returns. In addition,
our co-production approach aligns Alberta’s fledgling geothermal
industry to develop alongside Alberta’s well respected, world class
oil and gas operations, safety standards and regulatory best
practices. Geothermal power is baseload and solves the intermittent
challenge of other renewable energy sources. FutEra’s Project
stands out as a demonstration of creative and practical co-produced
geothermal energy production for the future energy complex, by
re-purposing and transitioning existing oil and gas assets to a
cleaner future.
The University of Alberta (“U of A”), as a
research partner in this Project, is conducting modelling on the
heat potential of the Western Canada Sedimentary Basin. The U of A
endeavors to validate model theory with actual field data from our
Project to ensure that the emerging geothermal industry can harness
the expertise and data that exists in today’s Alberta resource
industry.
About FutEra
FutEra leverages Alberta’s resource industry
innovation and experience to create transitional power and
sustainable infrastructure solutions to commercial markets and
communities, both in Canada and globally. Currently it is
developing a 21 MW co-produced geothermal and natural gas hybrid
power project in Swan Hills, Alberta.
www.futerapower.com
About Razor
Razor is a publicly traded junior oil and gas
development and production company headquartered in Calgary,
Alberta, concentrated on acquiring, and subsequently enhancing,
producing oil and gas properties primarily in Alberta. The Company
is led by experienced management and a strong, committed Board of
Directors, with a long-term vision of growth, focused on efficiency
and cost control in all areas of the business. Razor currently
trades on TSXV under the ticker “RZE”.
www.razor-energy.com
Razor has two active subsidiaries, FutEra and
Blade Energy Services Corp. (“Blade”).
About Blade
Blade Energy Services is as subsidiary of Razor.
Operating in west central Alberta, Blade’s primary services include
fluid hauling, road maintenance, earth works including well site
reclamation and other oilfield services.
www.blade-es.com
For additional information please
contact:
Doug Bailey |
Lisa Mueller |
President and Chief Executive Officer |
President and Chief Executive Officer |
Razor Energy Corp. |
FutEra Power Corp. |
Executive Director |
|
FutEra Power Corp. |
|
|
Razor Energy Corp./FutEra Power Corp.800, 500-5th Ave
SWCalgary, Alberta T2P 3L5Telephone: (403) 262-0242 |
|
|
|
READER ADVISORIES
FORWARD-LOOKING STATEMENTS:
This press release contains forward-looking statements. More
particularly, this press release contains statements concerning,
but not limited to, expected timing and execution of various stages
of the Project, anticipated costs in connection with completion the
Project, expected electricity output of the Project upon
completion, the opinions or beliefs of management, prospects,
opportunities, priorities, targets, goals, ongoing objectives,
milestones, strategies and outlook of Razor, and includes
statements about, among other things, future developments, the
future operations, strengths and strategy of Razor. In addition,
the use of any of the words “anticipate”, “believe”, “intend”,
“may”, “is”, “will”, “should”, “expect” and similar expressions are
intended to identify forward-looking statements.
The forward-looking statements are based on
certain key expectations and assumptions made by the Company,
including but not limited to expectations and assumptions
concerning the continued availability of capital, current
legislation, receipt of required regulatory approvals, the timely
performance by third-parties of contractual obligations, the
success of reactivation, drilling and development activities, the
performance of existing wells, the performance of new wells, the
Company’s growth strategy, general economic conditions,
availability of required equipment and services prevailing
commodity prices, price volatility, price differentials and the
actual prices received for the Company’s products. Although the
Company believes that the expectations and assumptions on which the
forward-looking statements are based are reasonable, undue reliance
should not be placed on the forward-looking statements because the
Company can give no assurance that they will prove to be correct.
Since forward-looking statements address future events and
conditions, by their very nature they involve inherent risks and
uncertainties. Actual results could differ materially from those
currently anticipated due to several factors and risks. These
include, but are not limited to, risks associated with the oil and
gas industry and geothermal electricity projects in general (e.g.,
operational risks in development, exploration and production;
delays or changes in plans with respect to exploration or
development projects or capital expenditures; variability in
geothermal resources; as the uncertainty of reserve estimates; the
uncertainty of estimates and projections relating to production,
costs and expenses, and health, safety and environmental risks),
electricity and commodity price and exchange rate fluctuations,
changes in legislation affecting the oil and gas and geothermal
industries and uncertainties resulting from potential delays or
changes in plans with respect to exploration or development
projects or capital expenditures. Please refer to the risk factors
identified in the annual information form and management discussion
and analysis of the Company which are available on SEDAR at
www.sedar.com.
In addition, the effects, risks and impacts
related to widespread pandemic outbreaks, including the coronavirus
disease (COVID -19), and any related actions taken by businesses
and governments, ongoing results, commodity prices, industry
conditions and activity levels, currency exchange rates, financial
positions or results are unknown at this time and could cause the
Company’s actual results to differ materially from the
forward-looking statements contained herein.
The forward-looking statements contained in this
press release are made as of the date hereof and the Company
undertakes no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of
new information, future events or otherwise, unless so required by
applicable securities laws.
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 press release.
Razor Energy (TSXV:RZE)
Historical Stock Chart
From Jun 2024 to Jul 2024
Razor Energy (TSXV:RZE)
Historical Stock Chart
From Jul 2023 to Jul 2024