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 [email protected].
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.