Flotek Industries Announces Appointment of Amerr Mahgoub as Vice President, Middle East Business Development; Closing of SiteLark, LLC Acquisition
HOUSTON, April 15, 2014 /PRNewswire/ -- Flotek Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK) today announced it has appointed Amerr Mahgoub as Vice President, Middle East Business Development.
As the leader of Flotek's Middle Eastern business development and marketing team, Mahgoub will focus on development of new and existing markets for Flotek, including the development of markets served by the Flotek-Gulf Energy joint venture based in the Sultanate of Oman and the Company's relationship with Saudi Aramco.
Mahgoub is a 25-year oilfield veteran, two decades of which have been spent in the Middle East and Africa. Upon completing his petroleum engineering degree at Louisiana Tech University, Mahgoub joined Schlumberger as a field engineer. He remained with Schlumberger his entire career, assuming greater responsibility over time concluding his tenure as a key relationship manager between Schlumberger and Saudi Aramco.
"We are delighted to have someone of Amerr's stature and experience join the Flotek team as we build a world class team in the Eastern Hemisphere," said John Chisholm, Chairman, President and Chief Executive Officer of Flotek. "Amerr's experience in the region combined with deep relationships with key customers will service Flotek well as we work to build relationships and introduce our brand of innovative oilfield technologies to these important markets. Already Amerr has had an impact with key relationships, opening doors more rapidly than they would otherwise have opened and creating opportunities to penetrate markets that would have been elusive without his contacts and expertise."
Mahgoub will be based in Saudi Arabia and spend considerable time in Oman as Flotek continues the development of its joint venture with Tasneea and Gulf Energy.
Site Lark Acquisition Closes
Flotek also announced that it has closed the previously announced acquisition of SiteLark, LLC, a leading provider of quality reservoir engineering and modelling services for a variety of hydrocarbon applications.
Founded in 2000, SiteLark works around the globe developing innovative solutions to extract information from available data to enrich reservoir simulation models, builds predictive models for unconventional gas and performs a variety of engineering studies related to fluid characterization, material balance, decline curves and pressure transient analysis. SiteLark also provides proprietary software solutions for the petroleum industry which assists engineers with reservoir simulation, reservoir engineering and waterflood optimization.
SiteLark also provides engineering services for Enhanced Oil Recovery projects and serves as a provider of in-depth modelling and evaluation services for Eclipse IOR Services, or EOGA, a wholly owned subsidiary of Flotek.
'We welcome Dr. Dee Biswas and the SiteLark team to the Flotek family and are excited to add this critical asset to our Enhanced Oil Recovery team," added Chisholm. "Not only does this position Flotek to provide a wide range of design and modeling services for our EOR client base, SiteLark's modelling and evaluation expertise also has a host of important applications for primary development and completion work as well. Dee's exceptional talent and expertise combined with his enthusiasm to grow his business inside of Flotek should serve our clients and shareholders well."
Flotek provided $0.6 million in total consideration for the acquisition which is effective April 1, 2014.
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.
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.
SOURCE Flotek Industries, Inc.
SOURCE Flotek Industries, Inc.