Acceleware transfers assets in Marwayne, Alberta to O'Neill Canada in exchange for cash and royalty.

From GlobeNewswire: 2025-06-26 20:38:00

Acceleware® Ltd. has entered into an agreement with O’Neill Industries International-Canada Inc., transferring certain wells and assets in Marwayne, Alberta, to O’Neill Canada. In exchange, Acceleware will receive cash payments and a gross overriding royalty on future production. The agreement paves the way for renewed collaboration, including drilling new RF XL 2.0 compliant test wells in the next five years.

“The Marwayne Agreement is a strategic step towards becoming a cash flow generating enterprise,” said Geoff Clark, CEO of Acceleware. The deal includes transferring interests in wells, production equipment, and licenses, while Acceleware retains ownership of RF XL heating equipment.

O’Neill Canada plans to grow production volumes at Marwayne through thermal recovery techniques and cold flow. The agreement benefits both companies, leveraging the value potential of the asset. O’Neill Canada has been active in Alberta since 2023, focusing on heavy oil production and Green Cement.

Acceleware is an advanced EM heating company with RF power-to-heat solutions for industrial applications. The company’s RF XL technology is a low-cost, low-carbon thermal enhanced oil production method for heavy oil. Acceleware is listed on the TSX Venture Exchange under the symbol “AXE.”

This news release contains forward-looking statements and information about the Marwayne Agreement. The statements reflect Acceleware’s current expectations regarding future events, commercialization of RF XL 2.0, and the impact of the agreement on shareholder value. Readers should not place undue reliance on forward-looking statements.



Read more at GlobeNewswire: Acceleware Announces Agreement for Asset Transfer and New