HOUSTON, Jan. 9, 2015 /PRNewswire/ -- Flotek
Industries, Inc. (NYSE: FTK) this morning announced the
introduction of FracMax™ Canada,
introduced Steve Marinello, PhD as
the new Director of Applied Chemistry Research and announced an
upcoming Society of Petroleum Engineers presentation by
John Chisholm in Saudi Arabia.
Flotek Introduces FracMax Canada
Building upon technology developed to analyze U.S. production
results, Flotek today introduced FracMax Canada, its
patent-pending, advanced analytics software now for the Canadian
oil and gas markets. With nearly 7,700 wells, including over 800
that have utilized Flotek's patented, proprietary Complex
nano-Fluid® completion chemistries, the initial release of FracMax
Canada provides a broad representation of Canadian production
across nearly all Western Canadian producing basins.
"The introduction of FracMax Canada extends Flotek's commitment
to provide industry-leading analytics as well as a platform by
which to show the efficacy of CnF® chemistries based on widespread,
empirical data," said John Chisholm,
Flotek's Chairman, President and Chief Executive Officer. "Based on
the current data set, Canadian wells with CnF perform at levels
superior to those without, very similar to results obtained from
the U.S. data set, consisting of over 85,000 wells. We look forward
to working with our Canadian clients and others to improve well
performance and, through FracMax, better understand best practices
in well completions."
Similar to the United States,
the FracMax architecture will remain proprietary to Flotek with
well studies run for clients through the Company's FracMax
analytics subsidiary. The closed architecture provides for
consistency and integrity of the data and processes of the software
application.
"While data availability and access is diverse across countries,
it is our intention to continue to look for ways to expand the
FracMax analytical power to oil and gas producing regions around
the globe," added Chisholm. "We believe the power of FracMax not
only benefits Flotek's efforts to increase penetration of CnF in
the global completion market, the analytical capabilities stand to
add value in many ways to exploration and production as well as
energy service companies. We look forward to continue building this
powerful platform in the coming months."
Flotek Appoints Veteran Reservoir Engineer to Lead Applied
CnF Technology Efforts
Flotek also announced the appointment of Stephen A. Marinello, PhD to the position of
Director of CnF Applied Technology. In his role Dr. Marinello
brings over two decades of reservoir engineering and completion
experience to lead Flotek's research team in expanding the
application of its research to develop pragmatic solutions to
specific oilfield challenges. In addition, Dr. Marinello will
assist in the development of new CnF markets and new applications
of CnF around the globe. He will also be an integral part of the
team that develops research protocol and standards for the growth
of FracMax Analytics, Flotek's subsidiary that will provide
customized research based on the FracMax platform.
Most recently, Dr. Marinello spent nearly three years as the
Senior Reservoir Engineer with Shell International Exploration and
Production. Specifically, Dr. Marinello led a team responsible for
analyzing field performance of mobility enhancement fluids and
completion systems. During his time at Shell he worked closely with
Complex nano-Fluids. Prior to Shell Dr. Marinello worked with
Halliburton, Baroid Fluid Services, M-I Swaco and Newpark
Resources. His broad range of experience includes reservoir,
stimulation and production engineering, petroleum and environmental
research and academic program development. He holds an
undergraduate degree in Biological Sciences from Stanford University and was awarded an M.S. and
Ph.D. in Petroleum Engineering from the University of Southern
California.
"We are thrilled that someone with Steve's credentials,
experience and depth of knowledge in reservoir and completion
engineering is joining the Flotek team," added Chisholm. "Steve's
understanding of the impact of Flotek's Complex nano-Fluids on
production and economic returns can only add to the groundswell of
credibility surrounding our proprietary chemistry. In addition,
Steve's research acumen will allow him to have an immediate impact
on the growth of FracMax Analytics and our quest to accelerate our
practical research, including the possibility of developing field
laboratories where Flotek can validate the efficacy of its
technologies through direct field research and operations."
"I am extremely excited to begin working with the world-class
research team at Flotek," said Dr. Marinello. "As a recent customer
of Flotek, I understand first-hand the positive impact Flotek's CnF
completion chemistries have on production economics. I look
forward to expanding the use of CnF chemistries in both existing
and new applications. As industry awareness grows regarding the
success of these mobility modifying fluids in primary completion
applications, the doors open wide to many other applications where
fluid mobility is restricted during production or injection
operations. My research and experience suggest the market for CnF
chemistry technologies is global and pervasive for primary
completions, recompletions and secondary and tertiary
recovery."
Chisholm to Keynote January SPE Luncheon in Saudi Arabia
John Chisholm, Flotek's Chairman,
President and Chief Executive Officer will present to the Saudi
Aramco chapter of the Society of Petroleum Engineers ("SPE") on
January 20, 2015 in Damaam,
Saudi Arabia. His presentation is
entitled, "FracMax: A Statistical Tool for Informed Economic
Decisions in Hydraulic Stimulation."
Investor and Analyst Winter
Meeting – Florida
Flotek will host investors and analysts at its annual
Florida investor days on
February 2, 2015. The meeting will
consist of presentation by business unit leaders as well as a tour
of the Company's Florida Chemical processing, manufacturing and
research facilities in central Florida.
For more information, please email ir@flotekind.com.
About Flotek Industries, Inc.
Flotek is a global developer and distributor of a portfolio of
innovative oilfield technologies, including specialty chemicals and
down-hole drilling and production equipment. It serves major and
independent companies in the domestic and international oilfield
service industry. Flotek Industries, Inc. is a publicly traded
company headquartered in Houston,
Texas, and its common shares are traded on the New York
Stock Exchange under the ticker symbol "FTK."
For additional information, please visit Flotek's web site at
www.flotekind.com.
Forward-Looking Statements
Certain statements set forth in this Press Release constitute
forward-looking statements (within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934) regarding Flotek Industries, Inc.'s business,
financial condition, results of operations and prospects. Words
such as expects, anticipates, intends, plans, believes, seeks,
estimates and similar expressions or variations of such words are
intended to identify forward-looking statements, but are not the
exclusive means of identifying forward-looking statements in this
Press Release.
Although forward-looking statements in this Press Release
reflect the good faith judgment of management, such statements can
only be based on facts and factors currently known to management.
Consequently, forward-looking statements are inherently subject to
risks and uncertainties, and actual results and outcomes may differ
materially from the results and outcomes discussed in the
forward-looking statements. Factors that could cause or contribute
to such differences in results and outcomes include, but are not
limited to, demand for oil and natural gas drilling services in the
areas and markets in which the Company operates, competition,
obsolescence of products and services, the Company's ability to
obtain financing to support its operations, environmental and other
casualty risks, and the impact of government regulation.
Further information about the risks and uncertainties that may
impact the Company are set forth in the Company's most recent
filings on Form 10-K (including without limitation in the "Risk
Factors" Section), and in the Company's other SEC filings and
publicly available documents. Readers are urged not to place undue
reliance on these forward-looking statements, which speak only as
of the date of this Press Release. The Company undertakes no
obligation to revise or update any forward-looking statements in
order to reflect any event or circumstance that may arise after the
date of this Press Release.
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SOURCE Flotek Industries, Inc.