CALGARY, Alberta, June 26, 2025 (GLOBE NEWSWIRE) -- Acceleware® Ltd. ("Acceleware" or the "Company") (TSXV: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 ...