HOUSTON, July 22, 2019 /PRNewswire/ -- CARBO Ceramics
Inc. (NYSE: CRR) announced today a long-term, strategic agreement
with FracGeo, LLC ("FracGeo") aimed at integrating FracGeo's
software solutions and products with FracPro™ software, a CARBO
business. The agreement includes developing connectors for
integration as well as development of new real-time software
technologies and products to assist FracPro's clients in addressing
completion efficiency and well spacing optimization.
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Gary Kolstad, Chairman and CEO of
CARBO, commented, "We are pleased to have signed this agreement
with FracGeo, which will provide leading edge, real-time frac
modeling technology to the oil and gas industry. Our alignment with
FracGeo through this agreement will allow for revenue sharing
opportunities, and a larger addressable market opportunity with
these enhanced technology offerings.
"This agreement with FracGeo will enable us to deliver advanced
geoscience-driven completion optimization techniques integrated
with FracPro products. FracGeo's proprietary modeling services and
products coupled with FracPro's technology and expertise will help
us add new computation tools to overcome major limitations of
existing and traditional frac design and analysis approaches that
should make our clients' operations more profitable," Mr. Kolstad
concluded.
"Today, we are bringing to the engineering world of frac design
and analysis, the practical use of surface drilling data and
geoscience to derive better estimates of the fracture geometry and
its consequences on well performance and spacing optimization. We
are excited for the value this relationship creates for both
existing and future clients," said Dr. Ahmed Ouenes, CEO and Founder of FracGeo.
About CARBO
CARBO (NYSE: CRR) is a global technology company
that provides products and services to several markets, including
oil and gas, industrial, agricultural, and environmental markets to
enhance value for its clients.
CARBO Oilfield Technologies – is a leading provider
of market-leading technologies to create engineered production
enhancements solutions that help E&P operators to design, build
and optimize the frac – increasing well production and estimated
ultimate recovery, and lower finding and development cost per
barrel of oil equivalent.
CARBO Industrial Technologies – is a leading
provider of high-performance ceramic media and industrial
technologies engineered to increase process efficiency, improve
end-product quality and reduce operating cost. CARBO has world
class manufacturing expertise. We bring new products to market
faster to meet customer demands.
CARBO Environmental Technologies – is a leading
provider of spill prevention and containment solutions that provide
the highest level of protection for clients' assets and the
environment in oil and gas and industrial applications. Our range
of innovative products feature a proprietary polyurea coating
technology that creates a seamless, impermeable, maintenance-free
layer of protection.
For more information, please visit www.carboceramics.com.
About FracGeo
FracGeo provides desktop and web-based software empowering the
science of unconventionals through Integration, innovation, and
collaboration streamlined for the whole asset team. These solutions
are deployed using FracApp™ and FracPredictor™ software and
include: sweetspot and landing zone selection, geomechanical
modeling, adaptive asymmetric frac design, well spacing
optimization, and frac hit prevention.
Investor Contact:
Mark
Thomas, Director, Investor Relations
(281) 921-6400
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SOURCE CARBO Ceramics Inc.