CARBO Announces Strategic Agreement with FracGeo to Deliver Next Generation Real-Time Frac Modeling Software
HOUSTON, July 22, 2019 /PRNewswire/ -- CARBO Ceramics Inc. (NYSE: CRR) announced today a long-term, strategic agreement with FracGeo, LLC ("FracGeo") aimed at integrating FracGeo's software solutions and products with FracPro™ software, a CARBO business. The agreement includes developing connectors for integration as well as development of new real-time software technologies and products to assist FracPro's clients in addressing completion efficiency and well spacing optimization.
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Gary Kolstad, Chairman and CEO of CARBO, commented, "We are pleased to have signed this agreement with FracGeo, which will provide leading edge, real-time frac modeling technology to the oil and gas industry. Our alignment with FracGeo through this agreement will allow for revenue sharing opportunities, and a larger addressable market opportunity with these enhanced technology offerings.
"This agreement with FracGeo will enable us to deliver advanced geoscience-driven completion optimization techniques integrated with FracPro products. FracGeo's proprietary modeling services and products coupled with FracPro's technology and expertise will help us add new computation tools to overcome major limitations of existing and traditional frac design and analysis approaches that should make our clients' operations more profitable," Mr. Kolstad concluded.
"Today, we are bringing to the engineering world of frac design and analysis, the practical use of surface drilling data and geoscience to derive better estimates of the fracture geometry and its consequences on well performance and spacing optimization. We are excited for the value this relationship creates for both existing and future clients," said Dr. Ahmed Ouenes, CEO and Founder of FracGeo.
About CARBO
CARBO (NYSE: CRR) is a global technology company that provides products and services to several markets, including oil and gas, industrial, agricultural, and environmental markets to enhance value for its clients.
CARBO Oilfield Technologies – is a leading provider of market-leading technologies to create engineered production enhancements solutions that help E&P operators to design, build and optimize the frac – increasing well production and estimated ultimate recovery, and lower finding and development cost per barrel of oil equivalent.
CARBO Industrial Technologies – is a leading provider of high-performance ceramic media and industrial technologies engineered to increase process efficiency, improve end-product quality and reduce operating cost. CARBO has world class manufacturing expertise. We bring new products to market faster to meet customer demands.
CARBO Environmental Technologies – is a leading provider of spill prevention and containment solutions that provide the highest level of protection for clients' assets and the environment in oil and gas and industrial applications. Our range of innovative products feature a proprietary polyurea coating technology that creates a seamless, impermeable, maintenance-free layer of protection.
For more information, please visit www.carboceramics.com.
About FracGeo
FracGeo provides desktop and web-based software empowering the science of unconventionals through Integration, innovation, and collaboration streamlined for the whole asset team. These solutions are deployed using FracApp™ and FracPredictor™ software and include: sweetspot and landing zone selection, geomechanical modeling, adaptive asymmetric frac design, well spacing optimization, and frac hit prevention.
Investor Contact:
Mark Thomas, Director, Investor Relations
(281) 921-6400
SOURCE CARBO Ceramics Inc.
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