Razor Energy Corp. ('Razor') (TSXV: RZE) in conjunction with FutEra Power Corp. ('FutEra'), a wholly owned subsidiary of Razor, is pleased to announce it has successfully constructed, commissioned, and is operating its co-produced geothermal power project in Swan Hills, Alberta (the 'Project').
The Project is held within FutEra's wholly owned subsidiary Swan Hills Geothermal Power Corp. ('Swan Hills Power').
The Project combines an Organic Rankine Cycle ('ORC') Turbine, which captures geothermal heat from the production fluid, and a Natural Gas Turbine ('NGT'). The NGT began operations on September 8, 2022 and the ORC began operations on January 29, 2023. Both the ORC and the NGT have grid interconnections which enable direct sales of electricity to the Alberta electricity grid at merchant power prices. Both the NGT and the ORC systems have been running in steady state while optimization efforts are underway to get to design capacity.
The final construction cost of the Project is estimated to be $49 million. The Project was privately financed by Razor and Arena Investors. Arena Investors is an institutional asset manager with US$2.2 billion of committed assets under management that specializes in providing innovative capital solutions for middle market companies. Razor and FutEra are appreciative for their direct support of the Project and for the vision of partnering in geothermal power generation in Canada. The Alberta Investment Management Corporation, ('AIMCo'), on behalf of certain of its clients, is Razor's largest shareholder and prime lender since inception in 2017. Razor and FutEra recognizes the ongoing capital support and vision that AIMCo has and continues to provide. AIMCo is a true partner in showcasing what a small Alberta based oil & gas company can achieve in transforming legacy assets into new and renewable sources of low emission electricity generation. Through the Natural Resource Canada's Clean Growth Program, this geothermal 'first' received $7.75 million for the geothermal development aspects of the Project. A further $2 million contribution from Alberta Innovates also provided important early support for the Project. Emissions Reduction Alberta ('ERA') contributed $10 million to the Project, ensuring that an Alberta company would construct and operate the first commercial co-produced geothermal power project in Canada. ERA's funding was sourced from the Government of Alberta's Technology Innovation and Emissions Reduction (TIER) fund. As trusted partners, Natural Resources Canada, Alberta Innovates and Emissions Reduction Alberta work together to facilitate collaboration and co-funding of projects.
On behalf of the Government of Canada, I would like to congratulate Razor Energy Corp. and FutEra on the successful construction and commissioning of Canada's first co-produced Geothermal Power Project. Supported by investments from Natural Resources Canada, this project demonstrates the power of innovation and partnership in creating sustainable jobs while growing the economy here in Alberta and across Canada.'
Hon. Jonathan Wilkinson, Canada's Minister of Natural Resources
Alberta has long championed the geothermal industry. It is exciting to watch an idea for a pilot project grow into an industry-scale, commercial operation. This made-in-Alberta solution ushers in a new era of clean energy that will spur an entirely new industry in the province that taps into our existing oil and gas resources and expertise.'
About FutEra
FutEra leverages Alberta's resource industry innovation and experience to create transitional power and sustainable infrastructure solutions to commercial markets and communities, both in Canada and globally. Currently, FutEra operates a first of its kind co-produced geothermal and natural gas hybrid power project in Swan Hills, Alberta. www.futerapower.com
About Razor
Razor is a publicly traded junior oil and gas development and production company headquartered in Calgary, Alberta, concentrated on acquiring, and subsequently enhancing, producing oil and gas properties primarily in Alberta. The Company is led by experienced management and a strong, committed Board of Directors, with a long-term vision of growth, focused on efficiency and cost control in all areas of the business. Razor currently trades on TSXV under the ticker 'RZE'.
About Blade
Blade Energy Services is a subsidiary of Razor. Operating in west central Alberta, Blade's primary services include fluid hauling, road maintenance, earth works including well site reclamation and other oilfield services.
Contact:
Tel: (403) 262-0242
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements. More particularly, this pressrelease contains statements concerning, but not limited to, the Project; the next phase of the Project with solar and carbon capture with usage and/or sequestration, with the objective to create a net negative carbon emitting traditional oil and gas asset; development of a second co-produced geothermal power project and future projects including lower emissions natural gas and renewable electricity generation projects. In addition, the use of any of the words 'anticipate', 'believe', 'intend', 'may', 'is', 'will', 'should', 'expect' and similar expressions are intended to identify forward-looking statements. The forward-looking statements are based on certain key expectations and assumptions made by the Company, including but not limited to expectations and assumptions concerning the continued availability of capital, current legislation, receipt of required regulatory approvals, the timely performance by third-parties of contractual obligations, the success of the Project, the performance of existing wells and their ability to deliver hot production fluids, the Company's growth strategy, general economic conditions, availability of required equipment and services, and commodity price volatility. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward- looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to several factors and risks. These include, but are not limited to, risks associated with the oil and gas industry and geothermal electricity projects in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; variability in geothermal resources; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), electricity and commodity price and exchange rate fluctuations, changes in legislation affecting the oil and gas and geothermal industries and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Please refer to the risk factors identified in the annual information form and management discussion and analysis of the Company which are available on SEDAR at www.sedar.com. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
RAZOR ENERGY CORP. 
