/EINPresswire.com/ -- CALGARY, ALBERTA -- (Marketwired) -- 08/23/16 -- Raise Production Inc. (TSX VENTURE: RPC) ("Raise" or the "Company") has released its financial results for the three and six months ended June 30, 2016.

PRESIDENT'S UPDATE

The Company is pleased to provide shareholders an update on its Horizontal Wellbore Production System (the "System"), its rod pump technology and a staff change.

As reported in the Company's last press release dated July 27, 2016, the Company's last deployment of the System was successful in a number of ways and the Company believes the System is robust enough to target substantially higher production wells. The System has now been retrieved from the test partner wellbore. The System retrieval was performed without incident and upon initial inspection all components were found to be in excellent condition. The Company will now perform a complete analysis of the System including post well production for comparative purposes. Once this process is complete, the Company will continue to formulate the required System modifications for the next deployment.

With respect to the Company's initiative in reciprocating pumps, the Company continues to actively pursue a field deployment for its large bore pump prototype. Raise remains optimistic it will secure such an opportunity and will provide future updates as this initiative develops.

The Company also wishes to announce that Mr. Scott Riddell, VP Business Development, has decided to pursue a post-graduate educational opportunity, thus will be moving into a consulting role with the Company effective immediately. Mr. Riddell will continue to provide advice with regard to strategy and business development on an as-needed basis.

RESULTS OF OPERATIONS

Statement of Operations (Unaudited)

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                                 Three months ended        Six months ended
                                            June 30                 June 30
                                   2016        2015        2016        2015
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Revenue                      $  105,300  $   30,409  $  160,950  $   52,409

Cost of sales                    74,392      22,419     112,863      32,363
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Gross margin                     30,908       7,990      48,087      20,046
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Interest income                   4,562      10,796      10,525      18,643
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                                 Three months ended        Six months ended
                                            June 30                 June 30
                                   2016        2015        2016        2015
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Expenses:
  General and administration    382,902     409,568     744,728     791,668
  Depreciation and
   amortization                  35,000      34,546      69,464      70,978
  Stock-based compensation       21,809      46,692      50,253      87,014
  Research expenses              28,812           -      28,812           -
  Finance costs                   4,130       6,017       9,113      13,114
  Fixed asset impairment          5,867           -       5,867           -
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                                478,520     496,823     908,237     962,774
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Net loss and comprehensive
 loss                        $ (443,050) $ (478,037) $ (849,625) $ (924,085)
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Net loss per share - basic
 and diluted                 $    (0.00) $    (0.01) $    (0.01) $    (0.01)
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Raise's full unaudited condensed interim financial statements and management's discussion and analysis will be filed shortly on the Company's profile on the SEDAR website.

About Raise Production Inc.

The Company is an innovative oilfield service company that focuses its efforts on the production service sector, utilizing its proprietary products to enhance and increase ultimate production in both conventional and unconventional horizontal oil and gas wells.

Neither 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 news release.

Certain information included in this news release constitutes forward-looking statements under applicable securities legislation. Forward-looking statements or information typically contain or can be identified by statements that include words such as "anticipate", "assume", "based", "believe", "can", "continue", "depend", "estimate", "expect", "forecast", "if", "intend", "may", "plan", "project", "propose", "result", "upon", "will", "within" or similar words suggesting future outcomes or statements regarding an outlook.

These forward-looking statements include, among other things, the suitability of the System for the stated purposes; the availability of the optional supplier if quantities exceed the capability of the first manufacturer, or there is an unforeseen development which necessitates a change of supplier; the success and timing of the finalization of part qualification, System deployment and rod pump deployment; and the availability of resources to dedicate to finalizing design and function testing of rod pumps.

Such forward-looking statements or information are based on a number of assumptions that may prove to be incorrect. Assumptions have been made regarding, among other things: the ability of the Company to obtain required capital to finance its new product development, the successful completion of further product development and testing within predicted timelines or at all, the ability to commercialize products and operations, the ability to adequately protect proprietary information and technology from its competitors; the ability to obtain partnering opportunities; the ability to attract and retain key personnel and key collaborators; and the ability to successfully compete in targeted markets.

The forward-looking statements contained in this news release are made as of the date hereof and the Company does not undertake any obligation to publicly update or revise any of the included forward-looking statements, except as required by applicable Canadian securities law. Forward-looking statements are based upon the current opinions, estimates, projections, assumptions and expectations of management of the Company as at the effective date of such statements and, in some cases, information supplied by third parties. Although the Company believes that the expectations reflected in such forward- looking statements are based upon reasonable assumptions and that information received from third parties is reliable, it can give no assurance that those expectations will prove to have been correct. By its nature, forward-looking information involves numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statement will not occur. These risks and uncertainties include, but are not limited to: the possibility that testing, deployment and commercialization of the System may not be successfully completed for any reason (including the failure to obtain the required approvals from regulatory authorities) and regulatory changes. Accordingly, readers should not place undue reliance upon the forward-looking statements contained in this news release and such forward-looking statements should not be interpreted or regarded as guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com.

Contacts:
Raise Production Inc.
Eric Laing
President and Chief Executive Officer
(403) 699-7675
elaing@raiseproduction.com

Raise Production Inc.
Susan Scullion
Chief Financial Officer
(403) 699-7675
sscullion@raiseproduction.com
www.raiseproduction.com