RocketFrac Services Ltd., a Calgary based company developing a next generation propellant-based fracing tool, has closed a oversubscribed initial round of financing.
The initial offering of $1 million was well received and oversubscribed, resulting in a total raise of $3.1 million from Canadian and US investors.
[mepr-active rule=”374″ ifallowed=”hide”]##Subscribe to see our research. We offer one-time or monthly/yearly recurring subscriptions.##[/mepr-active][mepr-active rule=”374″]RocketFrac Services board consists of Annelise Freeman, Jack Reeve, Skip Stone, Managing Director and Principal of Investment Banking at Register Financial Associates, Inc., and Gary Wine of Ontario.
Mackie Research Capital Corporation and Canaccord Genuity Corp. acted as placement agents. Cassels Brock & Blackwell LLP acted as legal counsel. [/mepr-active]
“We are very excited about the overwhelming response to this initial round of financing,” said Annelise Freeman, President and CEO of RocketFrac and a Professional Geologist with over 25 years of oil and gas experience. “We are developing one of the most exciting breakthrough technologies to impact the oil and gas fracing industry in decades and we appreciate the support our new shareholders have shown RocketFrac. We are confident that our fracing process will rapidly become a valuable alternative, perhaps even the preferred choice, for oil and gas exploration and development companies around the globe”.
RocketFrac was established to create a next generation, and substantially disruptive, propellant-based fracing tool that will increase the permeability of rock formations and improve overall well performance at a lower cost, and all without the use of water. Propelled by a customized blend of solid rocket fuel the enhanced system will generate a clean controlled burn that delivers superior well productivity. Solid rocket fuel is safe to transport, requires no special handling, and has no potential for spills and costly cleanups.
RocketFrac has been collaborating with Orbital ATK Inc., an internationally renowned aerospace and defense manufacturer, to design a next generation fracing tool that will add horizontal fracturing capabilities to Orbital ATK’s current and proven Gen I solid rocket propellant well fracing system. This predecessor technology has been applied to more than 600 vertical wells to date, resulting in production increases averaging 225%. RocketFrac’s Gen II version of the technology, the PSI-KICKTM tool, will be fully functional in both vertical and horizontal well applications and will be a powerful enhancement of Orbital ATK’s proven Gen I technology.
photo credit: RocketFrac Services