HOUSTON, Nov. 17, 2013 /PRNewswire/ -- Peter Duncan, President and CEO of MicroSeismic Inc., has been named the National EY Entrepreneur Of The Year™ 2013 Energy, Cleantech and Natural Resources Award winner. The EY Entrepreneur Of The Year Award is the country's most prestigious business award for entrepreneurs. The award encourages entrepreneurial activity and recognizes leaders and visionaries who demonstrate innovation, financial success and personal commitment as they create and build world-class businesses.
Duncan is recognized for having the vision to carve out a niche in an industry dominated by more invasive and environmentally damaging technologies such as downhole monitoring wells. He was honored at the Entrepreneur Of The Year Awards gala, the culminating event of the EY Strategic Growth Forum® in Palm Springs, Calif. The Forum is the nation's premier gathering of high-growth, market-leading companies. Awards were given in 10 additional categories.
The EY Entrepreneur Of The Year Award winners were selected by an independent panel of judges and from more than 250 regional award recipients.
"We are pleased to honor Peter Duncan with this prestigious award and recognize him for being a disruptor," said Bryan Pearce, EY Americas Director, Entrepreneur Of The Year. "As a result of his ambition, tenacity and adaptability, Duncan has risen to the top and become a visionary within the oil and gas industry."
Par for the course
Duncan has a strong track record of commercializing technologies and building successful businesses. In 1987, he helped Digicon found ExploiTech Inc., an exploration and production consultancy. Duncan was named President of the firm when it became a subsidiary of Landmark Graphics in 1989. A few years later, Duncan was one of three who founded 3DX Technologies, Inc., a publicly traded independent oil and gas exploration company. His latest venture, MicroSeismic, was founded on an initially unproven idea that Duncan was able to revive and transform into an entirely new service offering. Despite the naysayers, Duncan worked tirelessly to prove the science behind his idea and achieve the so-called impossible, becoming the pioneer of hydraulic fracture monitoring.
Today, MicroSeismic is a leader in the emerging field of passive seismic monitoring with 99% of MicroSeismic's revenue coming from fracture monitoring. But, despite MicroSeismic's demonstrable success, Duncan says only about 4% of wells are currently monitored in that way, so there is still enormous room for growth. To date, MicroSeismic has experienced tremendous growth under Duncan's leadership, with revenues soaring 70% yearly over the last three years.
Pay it forward
In addition to his love for technology and science, Duncan is passionate about education. He is a next-generation advocate and helps develop continuing education and mentoring programs for students pursuing degrees in geosciences. As a way to encourage high school students to pursue degrees in the geosciences, Duncan established the SEG Challenge Bowl, a contest that culminates with a chance to win education scholarships and prize money.
In addition to this award from EY, MicroSeismic has received numerous other recognitions, most notably a nod from CNBC when the organization named MicroSeismic one of the five energy disruptors on the inaugural 2013 CNBC Disruptor 50 list.
National Entrepreneur Of The Year 2013 Energy, Cleantech and Natural Resources finalists
In addition to Duncan, the EY Entrepreneur Of The Year Energy, Cleantech and Natural Resources finalists in the US were: Glenn Garland, Co-founder and President, and Jim Stimmel, Co-founder and Executive Vice President, CLEAResult, based in Austin, Texas; Phil Rykhoek, President and CEO, Denbury Resources, Inc., based in Plano, Texas; and David D. Dunlap, President and CEO, Superior Energy Services, Inc., based in Houston, Texas.
National Entrepreneur Of The Year 2013 Overall Award winner
Hamid Moghadam of Prologis was named the National EY Entrepreneur Of The Year 2013 Overall Award winner.
Video and photos
To view photos of all of the Entrepreneur Of The Year winners, please visit www.ey.com/us/eoy.
Founded and produced by EY, the Entrepreneur Of The Year Awards are nationally sponsored in the United States by SAP America and the Ewing Marion Kauffman Foundation.
About EY Entrepreneur Of The Year
EY Entrepreneur Of The Year is the world's most prestigious business award for entrepreneurs. The unique award makes a difference through the way it encourages entrepreneurial activity among those with potential and recognizes the contribution of people who inspire others with their vision, leadership and achievement. As the first and only truly global award of its kind, Entrepreneur Of The Year celebrates those who are building and leading successful, growing and dynamic businesses, recognizing them through regional, national and global awards programs in more than 150 cities in over 60 countries.
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SOURCE Ernst & Young