WACORP and Versa-Line joint venture to improve process for oil and gas well decommissioning in Alberta

CALGARY, Alberta, Dec. 07, 2023 (GLOBE NEWSWIRE) -- Wireline Abandonment and Completion Corp (WACORP) is pleased to announce the joint venture between WACORP and Vera-Line Services (Versa-Line). This joint venture combines WACORP's research and development with Versa-Line's operational expertise to revolutionize the process for decommissioning abandoned well sites in Alberta, making it safer and more efficient.

WACORP's innovative technology, the K-WAT tool, functions by utilizing wellbore fluid for hydraulic operation, eliminating the need for pressurized lines, explosives and testing equipment on surface abandonment. Operationally, the time savings are substantial, taking a multi-zone abandonment process from three days to under one day. The minimal footprint and lack of explosives vastly reduces safety risks, and in partnership with Versa-Line's operational expertise, reduces equipment requirements and increases efficiency.

"WACORP and Versa-Line's goal is to improve the overall quality and integrity of well decommissioning, with the smallest environmental footprint possible," says Peter Knight, President, WACORP. "The K-WAT tool drastically lowers operator expenses and time spent on each well while providing a much smaller operational impact on the site. This not only upholds our environmental standards, but also provides a safe and more economical way to tackle this massive abandonment challenge."

There are approximately 170,000 abandoned wells in Alberta, many of which are costly to decommission, leading to a significant demand for innovation and efficiency improvements in the sector. The K-WAT tool is an industry first that is paving the way for efficient rigless abandonment technology.

In recognition of this innovation, WACORP recently received the 2023 Intervention and Coiled Tubing Association (ICOTA) Canada Innovation Award. This award recognizes outstanding technical innovation or application of technology for well intervention. WACORP was chosen for demonstrating a significant advancement in its K-WAT technology, pushing the envelop of what's possible in the industry, assisting with customers' confidence and reliability, along with decreasing costs and shortening the timeline involved in the abandonment process.

WACORP and Versa-Line have already implemented the K-WAT technology with major energy companies to deliver value for a number of upstream clients. The K-WAT tool eliminates the costly tubing run in the decommissioning process, saving as much as 50 per cent in both time and expenses, compared to current multistage abandonment practices.

Bridging WACORP's research and development with Versa-Line's operational expertise will boost business while providing the safest, most efficient and cost-effective technology to customers.

"With our wide range of complimentary services and dedicated expertise in the abandonment sector, it only made sense for the two entities to tie ourselves together," says Aldean Sehlstrom, President, Vera-Line Service Inc. "We feel we have combined the best of both worlds, and we can allow each entity to further develop our strengths while benefitting the industry as a whole."

For more information on the joint venture and the WACORP K-WAT tool visit wacorp.ca.

About WACORP
Wireline Abandonment and Completion Corp (WACORP) was founded in 2016 to improve and streamline the abandonment of oil and gas wells in Alberta. Developers of the K-WAT wireline abandonment tool, WACORP aims to help organizations specializing in the abandonment and reclamation of oil and gas well sites to cut nearly 50 per cent of the cost of traditional abandonment operations. WACORP works collaboratively with wireline service providers, boosting their business while providing the best most efficient and cost-effective technology to their customers.

About Versa-Line Services
Versa-Line Services is a privately-owned Canadian company offering unique wireline solutions to the Canadian Sedimentary Basin and USA. We have service locations in Grande Prairie, Whitecourt and Red Deer, Alberta., offering Sabertooth Spectral Noise Logging, Omega High Deviation Well Access Systems, Cavern Interface Logging, Slickline Optimization and Fishing Services. Our unique unit designs offer time and cost savings while reducing environmental impact for oil and gas producers. Our experienced team provides expertise and solutions to problems that can be encountered with Completions, Workovers, Optimization and Abandonments.

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