HOUSTON, April 20, 2017 /PRNewswire/ -- Reveal Energy Services, an oilfield start-up, announced today equity funding from Lime Rock Partners. Reveal Energy Services provides cost-effective and efficient solutions for hydraulic fracture mapping and monitoring to validate oil and gas well completions designs.
"We are grateful to have an investor of the caliber of Lime Rock Partners," said Sudhendu Kashikar, CEO of Reveal Energy Services. "This investment will accelerate the company's commercial growth."
Founded in 2016 by Statoil Technology Invest as a spin-out of research and development work by Statoil, the company's innovative technology generates hydraulic fracture maps of unprecedented accuracy and quality at minimum operational risk and cost using only surface pressure measurements from observation wells. The technology, comprising proprietary software and earth models, extends initial research by Statoil into the poromechanical reservoir response to hydraulic fracturing operations.
During the first nine months of field work as one of the newest oilfield service providers, Reveal Energy Services successfully launched its patent-pending IMAGE Frac® pressure-based fracture geometry service that is ideal for multiwell pad development. The service has been field proven in more than 100 wells across 7 US shale basins for 7 major North America oil and gas operators.
"Statoil wanted a solution for hydraulic fracture mapping that was sufficiently cost effective and reliable on every pad. It had to have a low operational footprint," said Kate Beck, Asset Manager, Statoil. "Reveal Energy Services is taking our work to the marketplace and extending its functionality."
Throughout last year, Reveal Energy Services field-tested additional solutions to improve completions designs and field development. DiverterSCAN® technology provides insight into diverter effectiveness. ProppantSCAN® technology quantifies proppant placement. The company is also engineering products to quantify the rate of fracture growth versus time and pumped volume.
In addition to the capital investment, Trevor Burgess and Oliver Phillips of Lime Rock Partners are joining the Reveal Energy Services board of directors.
"Conventional fracture mapping solutions are too expensive and intrusive. Reveal Energy Services has exactly what the industry is looking for: a low-cost and extensively validated solution. We believe this solution has the potential to become an integral part of every pad development as a quality control technology during hydraulic fracturing," Burgess said.
Reveal Energy Services continues to build a robust project pipeline and reputation as an indispensable partner of customers' field development operations.
About Reveal Energy Services
Reveal Energy Services provides fast, accurate, and cost-effective maps of hydraulically induced fractures to the energy industry. With the flagship IMAGE Frac pressure-based fracture geometry service and companion DiverterSCAN technology and ProppantSCAN technology solutions, the company offers unparalleled diagnostic insight into well and stage spacing decisions, completions design effectiveness, and the influence of nearby hazards. Reveal Energy Services was formed as a wholly owned subsidiary of Statoil Gulf Services in January 2016. The company is privately held and funded by Statoil and Lime Rock Partners. For more information, please visit: http://www.reveal-energy.com
About Lime Rock Partners
Since its inception in 1998, Lime Rock Management has raised $7.4 billion in private equity funds and affiliated co-investment vehicles for investment in the energy industry through Lime Rock Partners, investors of growth capital in E&P and oilfield services companies worldwide, and Lime Rock Resources, acquirers and operators of oil and gas properties in the United States. Lime Rock Partners is a creative investment partner in building differentiated oil and gas businesses, side by side, with entrepreneurs every day. The Lime Rock Partners team brings together specialist finance and operating expertise, technology leadership, people-centered strategies, and patient hard work with the goal of helping its investors and portfolio company partners profit from operational growth. For more information, please visit: http://www.lrpartners.com
Statoil is an international energy company with operations in 37 countries. Building on more than 40 years of experience from oil and gas production on the Norwegian continental shelf, we are committed to accommodating the world's energy needs in a responsible manner, applying technology and creating innovative business solutions. We are headquartered in Stavanger, Norway, with approximately 22,000 employees worldwide, and are listed on the New York and Oslo stock exchanges. Statoil Technology Invest is Statoil's corporate oil and gas technology venture unit managing a portfolio of some 20 early phase technology companies and investing in ventures with the purpose of providing substantial operational value to Statoil as a user of technology as well as solid financial return. The company's North American headquarters is based in Houston, Texas.
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SOURCE Reveal Energy Services