Releases Performance Analysis of Midland Basin Chemistry
HOUSTON, Jan. 22, 2018 /PRNewswire/ -- Flotek Industries, Inc. (FTK), a leading developer and distributor of prescriptive chemistry-based technology, has announced the expansion of its flagship lines of chemistry technology, including its patented Pressure reducing Fluid® technologies and StimLube® friction reduction line. Additionally, Flotek has completed a thorough analysis of its newest Complex nano-Fluid® product developed for the Midland Basin. The product introductions and analysis will be presented at the SPE Hydraulic Fracturing Conference beginning Tuesday, January 23 (Booth 715).
StimOil® MB – Flotek's patented Complex nano-Fluid® technology customized for the unique geology, chemistry and economics of the Midland Basin – has consistently delivered exceptional performance and return on investment, as demonstrated in recent performance analysis.
Flotek's performance evaluation team analyzed more than 425 wells in the Wolfcamp B reservoir, comparing wells treated with and without StimOil® MB, with completion dates ranging from January 2016 to December 2017. The StimOil® MB-treated wells outperformed the non-treated wells over an initial12-month production period, ranging in uplift from 22% to 32% at peak month production. Additionally, the decline curve analysis demonstrates sustained economic benefits over the same time period. To ensure accurate comparisons, all wells were normalized for proppant loading and perforated lateral length. For more information, visit here.
"Understanding and analyzing the geology of the reservoir is core to our innovation and prescriptive chemistry approach as we partner with our clients to select the most effective stimulation technology. The Midland Basin reservoirs have framework composition, clay content, water and hydrocarbon chemistry that change across the basin, and these unique characteristics require prescriptive chemistry that can maximize performance – like StimOil® MB. This technology is tested and has proven over time to provide meaningful results to our clients' assets and bottom lines," said James Silas, Ph.D., Flotek's Senior Vice President of Research and Innovation.
Flotek's Complex nano-Fluid® line of technologies complement the chemistry of the reservoir to reduce capillary pressures and optimize its flow area through patented, customized formulations. These stimulation chemistries are based on naturally sustainable and non-toxic citrus oil from orange peels to improve well performance and productivity.
Introducing New Pressure Reducing Fluid System for High Brine, High Iron
As the industry increases its usage of produced waters for well stimulation, the need for full fluid systems that can tolerate high brine waters has grown significantly. To address this need in the marketplace, Flotek has introduced RheoFlo® CAT300, a new, patented cationic Pressure reducing Fluid® (PrF®) technology customized to perform in high brine and high iron environments. RheoFlo® CAT300 is a cationic, high molecular weight polymer that reduces turbulence and maximizes the use of the polymer at a lower loading rate. RheoFlo® CAT300 is the second product in the PrF® product line, complementing anionic RheoFlo® A300 for a wide range of brines. For more information, visit here.
Introducing New Friction Reducer Based on Proprietary Polymer Technology
Flotek has also introduced StimLube® MAX, a proprietary polymer technology that is a highly effective friction reducer in high brine conditions. The technology is a viscosity-building system aiding proppant transport, maximizing and easing operations and helping to alleviate the increased market demand for friction reducers.
From slickwater to cross-linked jobs, Flotek offers a wide range of products that enhance performance, maximize efficiencies in well treatment strategies and improve well economics. For more information on Flotek's fluid systems, visit here.
About Flotek Industries, Inc.
Flotek develops and delivers prescriptive chemistry-based technology, including specialty chemicals, to clients in the energy, consumer industrials and food & beverage industries. Flotek's inspired chemists draw from the power of bio-derived solvents to deliver solutions that enhance energy production, cleaning products, foods & beverages and fragrances. In the oil and gas sector, Flotek serves major and independent energy producers and oilfield service companies, both domestic and international. 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.
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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