HOUSTON, Feb. 23, 2015 /PRNewswire/ -- Flotek
Industries, Inc. (NYSE: FTK - News) announced today that it
will introduce new and unique Complex nano-Fluid®
chemistries that will address the growing market for remediation
and restimulation of existing, unconventional wells.
"As the commodity price environment changes so too will the need
of producers to reconsider alternatives to drilling new wells to
maintain and grow production in a more efficient manner," said
John Chisholm, Flotek's Chairman,
President and Chief Executive Officer of Flotek. "Our data suggest
that a remediation or restimulation treatment of a well using a
tailored CnF chemistry design can reinvigorate production by 30-70%
and, in some cases, return the well to its original production
profile. More important, it can do so at a fraction of the cost of
drilling and completing a new well. We are excited about our
initial work and look forward to introducing this new CnF
application to our clients and others in the coming weeks and
months."
While the design of a remediation or restimulation program will
vary, it is unlikely necessary to involve a total recompletion or
refracturing of an existing producing well. Instead, it will
involve a basic "pump and pressure treatment" utilizing a coil
tubing unit, using CnF in a fluid system that will penetrate the
existing fractures in the formation and mitigate wellbore blockages
caused by paraffins, asphaltenes, and other "clogging
particles."
"Through remediation and restimulation we are leveraging the
solvent properties of d-limonene in our CnF chemistry with a
retreatment using, in most cases, a coil tubing unit and, as a
result, gain the benefits provided by CnF chemistry in a primary
completion," said Steve Marinello,
PhD, Flotek's Director of Applied CnF Technology. "The impact for
the operator is not only increased production at a significantly
reduced cost but also the likelihood of an increase in proved
reserves from new reservoir volume contacted and increased value
for wells where the remediation and restimulation treatments have
been effective."
Flotek plans a full-scale launch of its remediation chemistry in
early March at several professional conferences and through
targeted marketing efforts.
"With concerns over capital spending causing severe constraints
on new drilling and, as a result, production growth for many of our
clients, we believe remediation and restimulation with CnF is a
compelling answer to the challenge of reducing costs and growing
production at the same time," added Chisholm. "With the data
available to us through our FracMax™ database and proprietary
validations, as well as the use of our advanced reservoir modelling
and historical matching capabilities through our SiteLark
subsidiary we are not only able to show the efficacy of the CnF
remediation program we can also assist our clients in identifying
existing wells that should have significant impact on production
growth after remediation and restimulation. We believe the
combination of FracMax and CnF remediation will add significant
value to our clients' production profiles."
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.
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SOURCE Flotek Industries, Inc.