HOUSTON, June 23, 2014 /PRNewswire/ -- Flotek Industries, Inc. (NYSE: FTK) introduced its Xylene replacement products, including its FC-PRO-XR product line, at the Independent Petroleum Association of America Mid-Year Meeting in Colorado Spring.
"Quite simply, if – as an industry – we are serious about becoming better environmental stewards, there is no better place to start than with chemicals that have environmentally friendly substitutes that provide the same or better performance, even if the cost is slightly higher," Flotek's Chairman, President and Chief Executive Office told a capacity crowd of oil and gas professionals at the gathering at the Broadmoor Resort. "Doing what is right isn't necessarily the least expensive solution; but it is the responsible solution."
Flotek's line of solvents is based on citrus chemistry, specifically the Company's technical grade d-limonene, a double-bonded hydrocarbon produced from the skins of oranges. Laboratory and commercial validations show that d-limonene – an environmentally safe and renewable compound – is as effective as Xylene and other BTEX-type solvents in eviscerating pollutants that stifle production in oil and gas wells. Chisholm presented Flotek's chemistry during a presentation on emerging oilfield technologies including executives from Halliburton and GE Oil & Gas.
Xylene – a by-product of crude oil – is a known environmental hazard, a ground water contaminant and suspected of numerous negative impacts on human and animal health, In contrast, the U.S. Food and Drug Administration has determined d-limonene to be Generally Regarded as Safe ("GRAS") and had been given the "Designated for the Environment" label by the U.S. Environmental Protection Agency. As an agricultural by-product, d-limonene is both sustainable and bio-renewable.
"As an industry we are in the business of providing energy that makes America work which includes working healthy by balancing energy development with responsible environmental stewardship," Chisholm told industry professionals. "That makes the decision simple: the use of Xylene and harmful chemistries as solvents can and should end. Our ability to improve the environmental is as simple as an orange, replacing Xylene with d-limonene in your drilling, completion and production activities."
For more information on Flotek's series of Xylene replacement solvents introduced at the Colorado Springs confab please email IPAA@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.
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.