Building to Start on the First Co-Produced Geothermal Energy Undertaking in Alberta, and Canada

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CALGARY, Alberta, May 4, 2021 (GLOBE NEWSWIRE) – FutEra Power Corp. (“FutEra”), a subsidiary of Razor Energy Corp. (“Razor” or the “Company”) (TSXV: RZE), which is public The Alberta-based junior oil and gas company is pleased to announce that it is entering the execution phase of its co-produced geothermal project in Swan Hills, Alberta ( the “project”) occurs.

For further information for investors, please contact the undersigned at info@futerapower.com

This project begins with field cultivation activities with financial and in-kind contributions from Razor (“Stage Gate 1”). FutEra has partnered with our provincial and federal governments to empower the burgeoning geothermal industry. Provincially, Alberta Innovates (“AI”) and Emissions Reduction Alberta (“ERA”) and Federal Natural Resources Canada (“NRCan”) have provided grants to complete the funding. With an estimated cost of $ 20 million to complete, Stage Gate 1 will produce up to 3 MW of green geothermal electricity. The planned second phase of the project (“Stage Gate 2”), in which a natural gas turbine will be added and the efficiency of the geothermal energy optimized, is expected to cost an additional USD 10 million. When both Stage Gate 1 and Stage 2 of the project have been completed, the total power output on the nameplate is 21 MW.

For more project information, please visit the FutEra website at www.futerapower.com

“This project is one of the many examples of amazing innovation in Alberta. This cutting-edge technology uses existing resources to generate clean electricity and makes Alberta a world leader in geothermal energy. ”

Doug Schweitzer, Minister for Employment, Economy and Innovation

“Razor Energy and FutEra Power have developed an innovative approach to harnessing Alberta’s existing oil and gas resources for greener power generation using both natural gas and geothermal energy. This unique project can help accelerate geothermal co-production and hybrid projects at other high potential oil and gas locations across the province. ERA is pleased to have worked closely with our trusted partners Alberta Innovates and Natural Resources Canada to support this clean technology solution that reduces emissions, cuts costs, attracts investment and creates jobs in Alberta. “

The story goes on

Steve MacDonald, CEO of ERA

“Geothermal cleaning technology is a natural and growing fit for Alberta. This project paves the way for commercial geothermal co-production across Western Canada. The expertise and experience gained also opens up opportunities for Alberta-based know-how around the world. “

Laura Kilcrease, CEO, AI

“Razor and FutEra are committed to meeting the challenges of power generation with increasingly sustainable methods through novel and innovative solutions. This project is the first of many planned engagements between our two companies. We value our public partners AI, ERA and NRCan very much and praise their vision. Together we will achieve better results for Albertans and our stakeholders. “

Doug Bailey, President & CEO at Razor and Executive Director of FutEra

“If you visit the field and put your hand on a pipe that is too hot to hold, your entire paradigm changes. This heat is geothermal and renewable. Innovation is just a matter of facing the challenge, building traditional best practices, and adding the twist to harvesting geothermal energy. In addition, we have worked with all regulators to find a new way forward for the industry. There are endless ways to make FutEra a leader in sustainable energy. “

Lisa Mueller, President and CEO of FutEra

background

Razor produces and injects large amounts of very hot water, a renewable form of geothermal energy, on a daily basis as part of its ongoing conventional oil and gas and water flooding activities. This hot water offers FutEra the possibility of generating geothermal heat energy and generating electricity without greenhouse gas emissions. Co-production means that no new footprint is required on the surface as the project uses existing resources such as processing infrastructure, production of wells, system for re-injection of produced water and an operational collection and distribution system. The use of existing assets has the cumulative and substantive effects of reducing typical capital expenditures for geothermal projects, reducing utility risk and improving economic returns. Additionally, our coproduction approach aligns Alberta’s fledgling geothermal industry to develop alongside the well-respected oil and gas operations, safety standards and best practices of Alberta. Geothermal energy is the base load and solves the occasional challenge of other renewable energy sources. FutEra’s project is a demonstration of the creative and practical generation of geothermal energy for the future energy complex by realigning existing oil and gas resources and converting them into a cleaner future.

As a research partner in this project, the University of Alberta (“U of A”) is modeling the heat potential of the sedimentary basin in western Canada. The U of A strives to validate the model theory with actual field data from our project to ensure that the burgeoning geothermal industry can leverage the expertise and data available in Alberta’s resource industry today.

About FutEra

FutEra leverages the innovation and experience of Alberta’s resource industry to create transitional power and sustainable infrastructure solutions for commercial markets and communities in Canada and around the world. A 21 MW co-production project for geothermal and natural gas hybrid power is currently being developed in Swan Hills, Alberta.

www.futerapower.com

About razors

Razor is a publicly traded junior oil and gas development and production company headquartered in Calgary, Alberta, focused on the acquisition and subsequent improvement of oil and gas properties primarily in Alberta. The company is led by experienced management and a strong, dedicated board of directors with a long-term vision of growth focused on efficiency and cost control in all areas of the business. Razor is currently trading on the TSXV under the ticker “RZE”.

www.razor-energy.com

Razor has two active subsidiaries, FutEra and Blade Energy Services Corp. (“Blade”).

About blade

Blade Energy Services is a subsidiary of Razor. Blade operates in West Central Alberta. Its main services include fluid transportation, road maintenance, earthworks including well reclamation and other oil field services.

www.blade-es.com

For more information, please contact:

Doug Bailey

Lisa Mueller

President and Chief Executive Officer

President and Chief Executive Officer

Razor Energy Corp.

FutEra Power Corp.

managing Director

FutEra Power Corp.

Razor Energy Corp./FutEra Power Corp.
800, 500-5th Ave SW
Calgary, Alberta T2P 3L5
Phone: (403) 262-0242

READER ADVICE

FORWARDING STATEMENTS: This press release contains forward-looking statements. In particular, this press release contains statements regarding, but not limited to, the anticipated timing and execution of various phases of the project, the anticipated costs related to the completion of the project, the expected electricity generation of the project upon completion, the opinions or beliefs of management, perspectives, Razor’s opportunities, priorities, goals, objectives, ongoing goals, milestones, strategies and perspectives and contains statements about, among other things, future developments, future operations, strengths and strategies of Razor. In addition, the use of any of the words “anticipate”, “believe”, “intend”, “may”, “is”, “will”, “should”, “expect” and similar expressions forward identify. looking statements.

The forward-looking statements are based on certain material expectations and assumptions made by the company, including, but not limited to, expectations and assumptions regarding the continued availability of capital, applicable legislation, receipt of required regulatory approvals, and the timely fulfillment of third party contractual obligations, success of reactivation, drilling and development activities, the performance of existing wells, the performance of new wells, the company’s growth strategy, general economic conditions, the availability of the required equipment and services given prevailing raw material prices, price fluctuations, price differences and actual prices for the products the company. While the company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should be placed on the forward-looking statements, as the company can make no assurances that they will prove to be correct. Because forward-looking statements relate to future events and conditions, they are inherently associated with risks and uncertainties. The actual results may differ materially from those currently expected due to various 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 to plans in relation to exploration or development projects or investments; variability in geothermal resources, Uncertainty in reserve estimates, uncertainty in estimates and projections relating to production, costs and expenditures as well as health, safety and environmental risks, fluctuations in electricity and raw material prices and exchange rates, changes in legislation affecting the oil and gas and geothermal industries and uncertainties possible delays or changes to plans in relation to exploration or development projects or investments. Please refer to the risk factors set out in the Company’s Annual Information Form and in the Company’s Management Discussion and Analysis SEDAR are available at www.sedar.com.

In addition, the ramifications, risks and repercussions related to widespread pandemic outbreaks, including coronavirus disease (COVID-19), as well as any related actions by companies and governments, ongoing results, commodity prices, industry conditions and activity levels, foreign exchange rates, financial conditions or Results are currently unknown and could cause the company’s actual results to differ materially from the forward-looking statements contained herein.

The forward-looking statements contained in this press release are as of the date of this press release and the company assumes no obligation to publicly update or revise any forward-looking statements or information as a result of new information, future events or otherwise, except as required by applicable securities laws .

Neither the TSX Venture Exchange nor its regulator (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.