CHATSWORTH, Calif., Aug. 27, 2012 /PRNewswire/ -- US Seismic Systems, Inc., an Acorn Energy, Inc. portfolio company (NASDAQ: ACFN) announced today that it has secured an order worth over $1 million for a one-hundred level Ultra-High Sensitivity fiber optic based sensor system to be used for down-hole seismic imaging and monitoring in the oil & gas industry.
The system will be used to provide improved down-hole seismic imaging of both conventional and unconventional oil & gas fields with bottom hole temperatures up to 200 degrees Celsius throughout the United States and Canada. US Seismic conducted the sixth field trial of its demonstration equipment three months ago at the University of Texas Devine test well with SR2020 Inc. "With this order we now have a six for seven ratio of customer demonstrations to orders. The seventh trial was conducted several weeks ago and the potential customer is still evaluating the data," said Jim Andersen, CEO of US Seismic Systems.
"This order demonstrates the increasing pace of adoption of USSI's advanced fiber optic seismic sensor technology within the oil & gas industry," stated Jim Andersen.
Bill Bartling, President and CEO of SR2020 Inc. stated, "The addition of the USSI Fiber Optic array augments and enhances our time proven analog seismic technology currently in widespread use and expands our market reach to include high temperature applications and narrow gauge boreholes. Deployed with our proprietary tubing-conveyance system, this provides a marked technical and price advantage over our competitors systems that rely on down-hole electronics or expensive wireline tractors to survey highly deviated or horizontal wells. The array offers potential additional advantages in event detection sensitivity crucial for accurate microseismic monitoring and high resolution VSP imaging."
About US Seismic Systems, Inc.
US Seismic Systems Inc. ("USSI"), designs, integrates, manufactures, and sells fiber optic sensing systems and solutions for the Energy and Defense markets. USSI utilizes all-optical fiber sensing technology for its state-of-the-art sensors. USSI's proprietary optical fiber and electronics combine to form the sensor system. It is designed to replace the legacy electronic-based sensor systems at a lower cost and with improved performance and reliability. For more information visit the USSI website www.us-si.com.
About Acorn Energy, Inc.
Acorn Energy, Inc. is a holding company focused on making energy better by providing digital solutions for energy infrastructure asset management. The four businesses in which we have controlling interests, improve the world's energy infrastructure by making it: more secure - providing security solutions for underwater energy infrastructure (DSIT); more reliable - providing condition-based monitoring to critical assets on the electric grid (GridSense, OmniMetrix) and more productive and efficient - increasing oil and gas production while lowering costs through use of permanent ultra-high sensitive seismic tools that allow for a more precise picture of reservoirs (US Seismic). For more information visit: http://www.acornenergy.com.
About SR2020 Inc.
SR2020 is a leading independent services and technology company which enables its clients to optimize reservoir management, enabling increased production and reduced costs. It answers difficult reservoir management questions using advanced borehole seismic methods including 3DVSP and microseismic using its proprietary tubing-conveyance system. In addition, SR2020's ProVSP, is a compelling and highly cost-effective alternative to surface recorded 3-D seismic, especially for mapping small-scale reservoir details and time-lapse monitoring of fluid distribution. The company includes among its clients some of the world's largest oil and gas producers and has a long history in borehole seismic technology, reservoir characterization and reservoir monitoring with one of the largest, most skilled and experienced concentrations of borehole seismic knowledge in the world.
Safe Harbor Statement
This press release includes forward-looking statements, which are subject to risks and uncertainties. There is no assurance that Acorn Energy, Inc. or its operating companies will continue to grow their respective businesses, or that any of them will meet the expectations or execute the initiatives described or referred to above. A complete discussion of the risks and uncertainties which may affect Acorn Energy's business generally and the businesses of its subsidiaries is included in "Risk Factors" in the Company's most recent Annual Report on Form 10-K and its most recent 10-Q as filed by the Company with the Securities and Exchange Commission.
Investor & Press Contact:
Paul G. Henning
Howard Wilkinson, VP Sales & Marketing
US Seismic Systems, Inc.
SR2020 Inc. Company Contact:
Bill Bartling, President and CEO
International Oil & Gas Technology Ltd. Company Contact:
Partner, Linton Capital LLP, Investment Manager
SOURCE Acorn Energy, Inc.