Flotek Industries Announces Texas A&M Research Initiative on Nanotechnology and Unconventional Hydrocarbon Production
HOUSTON, July 29, 2013 /PRNewswire/ -- Flotek Industries, Inc. announced today sponsorship of applied research at Texas A&M University to investigate the impact of nanotechnology on oil and natural gas production in emerging, unconventional resource plays.
"With the acceleration of activity in oil and gas producing shales, a better understanding of the impact of various completion chemistries on tight formations with low porosity and permeability will be key to developing optimal completion techniques in the future," said John Chisholm, Flotek's Chairman, President and Chief Executive Officer. "While we know Flotek's Complex nano-Fluid chemistries have been successful in enhancing production in tight resource formations, we believe a more complete understanding of the interaction between our chemistries and geologic formations as well as a more precise comprehension of the physical properties and impact of our nanofluids in the completion process will significantly enhance the efficacy of the unconventional hydrocarbon completion process. This research continues our relationship with Texas A&M where we also are conducting research into acidizing applications in Enhanced Oil Recovery."
Specifically, the research will focus its investigation on the oil recovery potential of complex nanofluids and select surfactants under subsurface pressure and temperature conditions of liquids-rich shales.
Dr. I. Yucel Akkutlu, Associate Professor of Petroleum Engineering in the Harold Vance Department of Petroleum Engineering at Texas A&M University will serve as the principal investigator for the project. Dr. Akkutlu received his Masters and PhD in Petroleum Engineering from the University of Southern California. He has over a decade of postgraduate theoretical and experimental research experience in unconventional oil and gas recovery, enhanced oil recovery and reactive flow and transport in heterogeneous porous media. He has recently participated in industry-sponsored research on resource shales including analysis of microscopic data to better understand fluid storage and transport properties of organic-rich shales.
"As unconventional resource opportunities continue to grow in importance to hydrocarbon production, understanding ways to maximize recovery will be key to improving the efficacy of these projects," said Dr. Akkutlu. "The key to enhancing recovery will be to best understand robust, new technologies and their impact on the completion process. Research into complex nanofluid chemistries to understand the physical properties and formation interactions will play an integral role in the future of completion design to optimize recovery from unconventional hydrocarbon resources."
The research will commence immediately. Inquiries regarding the research should be directed to Flotek.
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.