CALGARY, AB / ACCESSWIRE / November 17, 2022 / Computer Modelling Group Ltd. ("CMG", "Company"), a global leader in simulation technology for the energy industry, today elaborates on their strategic commitment to energy transition solutions.

"As energy companies transition to a more diverse energy mix and invest in new technologies, they are increasingly relying on technology to drive strategic decisions," said Pramod Jain, Chief Executive Officer. "We are committed to supporting our customers to meet global CO2 reduction goals safely and cost-effectively through research initiatives, driving new product innovation and enhancing our consulting services for a cleaner, sustainable future."

When using CMG products and accessing the Company's global experience and deep industry knowledge, clients are provided with the data and decision-making criteria they need to adapt to changing markets and take the necessary actions required to remain viable, now and in the future.

"CMG's software gives us the confidence to predict reservoir behavior and adjust those predictions based on reservoir surveillance techniques for managing large-scale and long time-horizon carbon storage projects," says Charles Gorecki, Chief Executive Officer at the Energy & Environmental Research Center (EERC). "This information is integral in helping our clients and partners meet rigorous permitting requirements and ensure regulatory guidelines are not only met but exceeded." Gorecki continued, "The combination of CMG's visualization capabilities, high-performance computing, commitment to research, and an easy-to-use interface, makes it the reservoir simulation tool for our energy transition projects."

CMG's expanded commitment to integrated energy transition solutions rests on three pillars:

1. Driving industry-leading innovation through global partnerships with energy companies and research organizations;

2. Developing new robust fit-for-purpose software technology; and

3. Providing expert consulting services to support clients with applying our technologies and deriving insights into implementing low-carbon energy technologies.

CMG has been working globally with researchers to continue to enhance our physics-based modelling capabilities, necessary to design and de-risk carbon sequestration, hydrogen storage, and geothermal energy projects. As customers accelerate their decarbonization strategies, they are leveraging CMG's experience to support decisions impacting the deployment of these significant capital investments.

Continued innovation is critical, according to Jason Close, Vice President, Product. "CMG together with Kongsberg Digital have undertaken a joint industry project supported and funded by key Energy Operators and CLIMIT, Norway's national program for the research, development, and demonstration of Carbon Capture and Storage (CCS) technology," he says. "We are researching and developing a new technology that enables an integrated view of fluid behavior in both the well and reservoir, allowing end users to model flow assurance for CO2 injection into depleted oil and gas reservoirs and saline aquifers. In addition to our existing portfolio, we are also developing new fit-for-purpose software tools on an open, extendable, and secure platform that will enable users to assess carbon storage and other energy transition projects."

As the industry continues to embrace the energy transition, CMG consulting can provide the specialized, multidisciplinary knowledge needed to solve the complex problems associated with meeting CO2 reduction goals.

Learn more at CMG Energy Transition.

Cautionary Note Regarding Forward-Looking Statements

This release contains "forward-looking statements". Forward-looking statements can be identified by words such as: "anticipate", "intend", "plan", "goal", "seek", "believe", "project", "estimate", "expect", "strategy", "future", "likely", "may", "should", "will", and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding future technology that is currently under development.

Forward-looking statements are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict and many of which are outside of our control. Actual results may differ materially from those expected in the forward-looking statements as a result of numerous factors, including the outcomes of technology development efforts. You should not rely on any of these forward-looking statements.

Any forward-looking statement made by us in this release is based only on information currently available to us and speaks only as of the date on which it is made. Except as required by applicable securities laws, we undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

About CMG

CMG (TSX:CMG) is a global software and consulting company providing advanced reservoir modelling capabilities to the energy industry. CMG provides cutting-edge technologies that support critical field development decisions for upstream planning and energy transition strategies. CMG is headquartered in Calgary, AB, with offices in Houston, London, Dubai, Bogota, and Kuala Lumpur.

For investor inquiries, please contact:

Kim MacEachern
Manager, Investor Relations
cmg-investors@cmgl.ca

For media inquiries, please contact:

Kris Howery
Head of Marketing
marketing@cmgl.ca

SOURCE: Computer Modelling Group Ltd.

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