HOUSTON, March 18, 2014 /PRNewswire/ -- Flotek
Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK) today
announced that its Middle East
joint venture, Flotek Gulf, will exhibit at the OGWA Exhibition and
Conference in Muscat, Sultanate of
Oman, March
31-April 2, 2014.
The biannual conference is one of the largest gatherings of oil
and gas professionals across the Middle
East and Africa, with
exhibitors and attendees from over 20 countries. Lead
sponsors and supporters include BP; Gulf Energy, Flotek's partner
in Oman; and the U.S. Embassy in
the Sultanate. Flotek Gulf will be exhibiting its specialty
chemistry capabilities for both primary completion and production
as well as Enhanced Oil Recovery to company executives and
engineers throughout the region.
The exhibition is held in conjunction with the Society of
Petroleum Engineers Enhanced Oil Recovery conference. The
conference will bring together global experts in all forms of EOR
techniques to present, share and discuss their ideas, initiatives,
and findings. It will cover the latest advances in thermal gas and
chemical EOR methods, EOR selection criteria, surveillance
techniques for locating remaining oil, challenges in implementing
EOR, and more.
"Flotek is delighted to have this stage to introduce our new
joint venture with Gulf Energy and Tasneea Oil & Gas
Technologies – Flotek Gulf – to the region at one of the
most impactful trade gatherings of the year," said John Chisholm, Flotek Chairman, President and
Chief Executive Officer. "With over 10,000 visitors expected to the
exhibition and conference, this is a terrific way for Flotek Gulf
to meet key players in the region. In Oman alone, the industry comprises over 48% of
the Sultanate's Gross Domestic Product with over $28 billion of total revenue coming from the oil
and gas industry. We look forward to building a durable presence in
Oman and beyond that can capture a
meaningful portion of that opportunity."
Chisholm added, "While we continue to work toward permanent
facilities in Oman, we are already
having an impact as our international sales continue to accelerate.
Moreover, our continued growth in Enhanced Oil Recovery is yielding
results in the region, from work in the United Arab Emirates to, most recently,
opportunities to propose innovative solutions for EOR projects in
Oman. The SPE conference, in
conjunction with OGWA, provides another avenue to showcase our EOR
capabilities to global EOR decision makers."
The Exhibition and Conference will be held at the Oman
International Exhibition Centre in Muscat March 31-April
2, 2014. More information can be found at
www.ogwaexpo.com.
Pending Retirement of Kevin
Fisher
Flotek also announced that Kevin
Fisher, Executive Vice President of Business Development has
announced he will retire from Flotek. Kevin will relocate to
Colorado to be closer to family
and pursue various personal and professional interests.
Mr. Fisher will resign as an officer of Flotek effective today
but will remain an employee of Flotek until the end of April at
which time he will become a consultant, without additional
compensation, to the Company through the end of 2014. The current
technical and sales and marketing teams will assume Kevin's
responsibilities.
"Kevin has been a key catalyst in transforming Flotek's sales
and product development culture and an important part of our
leadership team," said Chisholm. "When Kevin came to Flotek, he
pledged to remain as we built a new sales team and culture and we
have accomplished that and much more. While he will be missed, his
legacy and influence will remain in Flotek's vastly improved sales
environment that has created durable opportunities for growth.
Moreover, Kevin's technical expertise has been the impetus for
exceptional product innovation and unprecedented collaboration
between our clients and scientists, resulting in problem-solving
relationships with clients that will continue for years to
come."
"My time at Flotek has been one of the most meaningful endeavors
of my professional career," said Fisher. "To be a part of an
organization that has such passion for excellence and deep belief
in its mission is incredibly rewarding. I am grateful to John for
this incredible opportunity and for believing I was one of the
people who could help him achieve his vision at Flotek. I remain a
strong advocate for Flotek products and will continue to do my part
in the future to make certain Flotek's products continue to become
the standard for oilfield completions in any way I can."
Chisholm concluded, "More important than anything, Kevin has
been a friend, colleague and confidant for decades and someone I
will always respect as one of the 'good guys' in the North American
oil patch. All of us wish him the best and, by no means, is this
'good bye'. Kevin's contributions have made him a permanent part of
the Flotek family."
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.
Forward-Looking Statements:
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.