DENVER, July 20, 2017 /PRNewswire/ -- Core Laboratories,
a leading provider of proprietary and patented Reservoir
Description and Production Enhancement services, and Fracture ID, a
Denver-based oil and gas
technology company, have launched the Horizontal Reservoir
Characterization Consortium – Midland Basin to investigate geologic
controls on variability in well production.
Horizontal Reservoir Characterization Consortium – Midland
Basin
Operators participating in this consortium will collect high
resolution geological data from horizontal wells in the
heterogeneous Wolfcamp formation of the Midland Basin using
Fracture ID Drillbit Geomechanics™ technology and Core Lab
analysis on drill cuttings. This horizontal well data will be
integrated with Core Lab's existing Midland Basin Joint Industry
Project (JIP) database. The objectives of the project are to
determine the effects of geologically-informed perforation
strategies on production, statistically investigate correlations
between geology and hydraulic fracture treatment, produce 3-D
geologic data for input to earth models, and to update and extend
established local and regional petrophysical models.
Core Laboratories is excited to take part in the next step in
the development of new methods to optimize perforation efficiency,
reduce operators' drilling and completion costs, and improve the
economics of unconventional resource development plays for
operators. The Company believes that the Horizontal Reservoir
Characterization Consortium will enhance the value of its
comprehensive proprietary Midland Basin Wolfcamp database, while
applying exciting new analytical techniques to the geological and
geomechanical characterization of horizontal wells. Core Lab feels
this has the potential to be a new breakthrough technology in the
world of unconventional plays.
Fracture ID believes that creating high resolution data in many
horizontal wells across the Midland Basin, calibrated to the Core
Lab JIP database, provides the ability to statistically correlate
the geological properties of the contacted reservoir with
completions and production performance, and are excited to work
with Core Lab on this ground-breaking project.
Meet Fracture ID and Core Laboratories at URTeC 2017 in
Austin, TX July 24-26
About Core Laboratories
Core Laboratories' reservoir optimization technologies are used
to increase total recovery from existing fields. The services
enable clients to optimize reservoir performance and maximize
hydrocarbon recovery. The Company's commitment to applying and
developing new technologies to optimize reservoir performance is
unsurpassed in the oilfield service industry. This commitment to
technology and to the operators' bottom line makes Core
Laboratories, The Reservoir Optimization Company™.
(http://www.corelab.com/irs)
About Fracture ID
Fracture ID uses proprietary Drillbit Geomechanics™ to
record, process and analyze at-the-bit vibrations to generate
quantitative datasets used to inform operators of critical
reservoir elastic properties, thin-beds, and natural fractures that
can be utilized in completion design optimization, high resolution
reservoir characterization, and field development planning.
(http://www.fractureid.com/)
This release includes forward-looking statements regarding the
future revenues, profitability, business strategies and
developments of the Company made in reliance upon the safe harbor
provisions of Federal securities law. The Company's outlook is
subject to various important cautionary factors, including risks
and uncertainties related to the oil and natural gas industry,
business conditions, international markets, international political
climates and other factors as more fully described in the Company's
2016 Form 10-K filed on 10 February
2017, and in other securities filings. These important
factors could cause the Company's actual results to differ
materially from those described in these forward-looking
statements. Such statements are based on current expectations of
the Company's performance and are subject to a variety of factors,
some of which are not under the control of the Company. Because the
information herein is based solely on data currently available, and
because it is subject to change as a result of changes in
conditions over which the Company has no control or influence, such
forward-looking statements should not be viewed as assurance
regarding the Company's future performance. The Company undertakes
no obligation to publicly update any forward-looking statement to
reflect events or circumstances that may arise after the date of
this press release.
CONTACT: Josh Ulla, Vice
President of Business Development, 1-832-628-7168,
josh.ulla@fractureid.com
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SOURCE Fracture ID