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Divergent Energy - DVG.v



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By Caruso

Posted: Wednesday May 27 11:21:16AM 2015

DVG.v - current price $0.44 I mention DVG once again in this forum...stock has performed well over the last little bit...news out today, and if you read closely they are moving towards commercialization of their linear motor backed by an initial order from their partner (not public, but speculated as Crescent Point CPG.t). The opportunity for this new linear motor/pump combination is very very large. I will write more if there is any interest from the forum shown. I believe this company is on the brink of becoming a significant growth story over the next year or two. I believe there is an opportunity over the next 2 months to do due diligence and accumulate, but come the fall I expect a major breakout. Operational highlights from News Release today; Artificial lift The corporation installed and started its linear electric submersible pump on April 18, 2015. This was the third installation during a 30-day test period to evaluate the prototype of the pump. As previously announced, a faulty bushing had caused the failure on the first two installations, and a new bushing was used for the third pump installation. The key accomplishments thus far in running the prototype pump are: Successfully adjusting the pump rates remotely; Successfully shutting down and restarting remotely. In the company's Wyoming business, it estimates that it has increased its market share to 60 per cent (from 40 per cent in 2014) as a result of its strong focus on sales and operational excellence. The company's position as the largest electric-submersible-pump supplier for gas producers in the Powder River basin provides it with the operational platform to launch its new pump. A number of its key clients on the gas-producing side also have a large interest in oil plays in Wyoming and have expressed interest in installing the company's new pump. Construction The corporation completed a number of Mexico construction projects in the first quarter for which the receivables have now been collected. Outlook The company's industry partner has agreed to move ahead with the commercial version of the pump. With four prototypes remaining in inventory, the company will continue to look for additional candidates to install two of the remaining four prototypes so that it can continue to refine its control systems and automation software. Two prototypes will be kept in inventory as backups. The timeline to become fully commercialized is unknown at this time, as the rate of adoption of new technology cannot be clearly predicted. As the company moves toward commercialization, its immediate focus will be to: Commence production of the commercial-design pumps; Open a permanent Canadian operations facility in southeast Saskatchewan; Install pumps in both Canada and the United States; Continually improve its automation software to enable the pump to adjust on the fly to changes in wellbore conditions. About the system The permanent magnet motor technology duplicates rod pump movement without rod string or surface lifting equipment. All moving parts are contained within the submersible pump housing, eliminating rod and tubing wear, making the pump ideally suited for landing in deviated or horizontal oil wells and as an alternative to conventional pumpjack installations.

By Caruso

Posted: Wednesday Jul 2 9:07:14AM 2014

this is the new name for OTS.v - new LOC announced this morning giving the company new avenue for growth. Expecting news on new linear pump regarding pilot test. Caruso.

Divergent Energy arranges $17.5-million credit facility

2014-07-02 09:13 ET - News Release

 

Mr. Ken Berg reports

DIVERGENT ENERGY SERVICES CORP. ANNOUNCES SECURED REVOLVING CREDIT FACILITY (CAD$17.5 MILLION)

Divergent Energy Services Corp. has secured a $17.5-million revolving credit facility subject to the successful completion of outstanding due diligence, legal documentation by the lender, satisfaction of other conditions precedent in favour of the lender, debentureholder approval and release of its general security agreement over the assets of the corporation, regulatory approvals, and approval from the corporation's board of directors.

The revolving credit facility, which will be renewed annually, will have a one-year term and will have a first charge over the assets of the corporation. The facility will consist of two tranches, each of which will be subject to certain conditions being met prior to advancement to the corporation:

 

  • Facility A: $10-million will be available for pipe and pump projects in Canada, United States and Mexico, and it will be margined against inventory and accounts receivable;
  • Facility B: $7.5-million will be available for eligible construction financing and management projects in Mexico, and it will be margined against the outstanding advances provided by the corporation.

 

Interest on amounts drawn will be payable monthly at the rate of 14 per cent per annum, with a standby rate of 1 per cent per annum on the unused portion. Payment of the outstanding principal amount will be made prior to or at the end of the term. In addition, the corporation is to pay a facility fee of 1 per cent of the facility initially and 2 per cent of the facility at the end of the term.

The corporation will be required to pay a 2-per-cent finder's fee of the eligible facility to an unrelated third party over the term of the facility.

The facility will be used for expansion opportunities in all three of the corporation's operating segments: pump sales and service, pipe sales and installation, and project management and finance.

We seek Safe Harbor.


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