HOUSTON, April 15, 2014 /PRNewswire/ -- Flotek
Industries, Inc. ("Flotek" or the "Company") (NYSE: FTK) today
announced it has appointed Amerr
Mahgoub as Vice President, Middle East Business
Development.
As the leader of Flotek's Middle Eastern business development
and marketing team, Mahgoub will focus on development of new and
existing markets for Flotek, including the development of markets
served by the Flotek-Gulf Energy joint venture based in the
Sultanate of Oman and the
Company's relationship with Saudi Aramco.
Mahgoub is a 25-year oilfield veteran, two decades of which have
been spent in the Middle East and
Africa. Upon completing his
petroleum engineering degree at Louisiana Tech
University, Mahgoub joined Schlumberger as a field engineer.
He remained with Schlumberger his entire career, assuming greater
responsibility over time concluding his tenure as a key
relationship manager between Schlumberger and Saudi Aramco.
"We are delighted to have someone of Amerr's stature and
experience join the Flotek team as we build a world class team in
the Eastern Hemisphere," said John
Chisholm, Chairman, President and Chief Executive Officer of
Flotek. "Amerr's experience in the region combined with deep
relationships with key customers will service Flotek well as we
work to build relationships and introduce our brand of innovative
oilfield technologies to these important markets. Already Amerr has
had an impact with key relationships, opening doors more rapidly
than they would otherwise have opened and creating opportunities to
penetrate markets that would have been elusive without his contacts
and expertise."
Mahgoub will be based in Saudi
Arabia and spend considerable time in Oman as Flotek continues the development of
its joint venture with Tasneea and Gulf Energy.
Site Lark Acquisition Closes
Flotek also announced that it has closed the previously
announced acquisition of SiteLark, LLC, a leading provider of
quality reservoir engineering and modelling services for a variety
of hydrocarbon applications.
Founded in 2000, SiteLark works around the globe developing
innovative solutions to extract information from available data to
enrich reservoir simulation models, builds predictive models for
unconventional gas and performs a variety of engineering studies
related to fluid characterization, material balance, decline curves
and pressure transient analysis. SiteLark also provides proprietary
software solutions for the petroleum industry which assists
engineers with reservoir simulation, reservoir engineering and
waterflood optimization.
SiteLark also provides engineering services for Enhanced Oil
Recovery projects and serves as a provider of in-depth modelling
and evaluation services for Eclipse IOR Services, or EOGA, a wholly
owned subsidiary of Flotek.
'We welcome Dr. Dee Biswas and
the SiteLark team to the Flotek family and are excited to add this
critical asset to our Enhanced Oil Recovery team," added Chisholm.
"Not only does this position Flotek to provide a wide range of
design and modeling services for our EOR client base, SiteLark's
modelling and evaluation expertise also has a host of important
applications for primary development and completion work as well.
Dee's exceptional talent and expertise combined with his enthusiasm
to grow his business inside of Flotek should serve our clients and
shareholders well."
Flotek provided $0.6 million in
total consideration for the acquisition which is effective
April 1, 2014.
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.
SOURCE Flotek Industries, Inc.