HOUSTON, Feb. 27, 2018 /PRNewswire/ -- Flotek Industries, Inc. (FTK)—a leading developer of innovative chemistry-based technology delivering prescriptive solutions to clients in the energy, consumer industrials and food & beverage industries—has released the results of a 200+ well study in the Wolfcamp A reservoir of the Midland Basin.
As a part of its performance analysis of StimOil® MB – Flotek's patented Complex nano-Fluid® technology customized for the unique geology, chemistry and economics of the Midland Basin – the company's performance evaluation team analyzed 245 wells in the Wolfcamp A reservoir. The study included wells located in Martin, Midland and Upton Counties in the Midland Basin and compared wells treated with StimOil® MB with non-treated wells. Completions dates ranged from January 2016 to December 2017. Production data was normalized for proppant intensity, a ratio of proppant loading and perforated lateral length.
The Results: StimOil® MB in Wolfcamp A
The StimOil® MB-treated wells outperformed the non-treated wells over an initial 12-month production period, with uplift reaching 30% at the end of the first 12 months of production.
The production decline curve analysis also demonstrated sustained economic benefits over the same time period, with net present value (NPV) of uplift estimated to be greater than $1 million after 10 months of production, and payout occurring in less than 4 months based on market price of StimOil® MB. For more information, visit here.
"Our Wolfcamp A study is an expansion of our recent analysis of more than 400 wells in the Wolfcamp B reservoir published in late January, which showed similar positive results. This analysis demonstrates the consistent and proven performance of our technology in the field over time, which is significant given the size of the well populations evaluated," said John Chisholm, Flotek's Chairman, President and Chief Executive Officer. "Our partnerships with our clients have always focused on adding value to their assets and cash flow through prescriptive chemistry, and we are pleased that we continue to deliver on our promise of contributing measurable economic impact to them, as demonstrated by this performance analysis."
Understanding and analyzing the geology of the reservoir is core to Flotek's innovation and prescriptive chemistry approach. Flotek's StimOil® MB is formulated to maximize performance in the Midland Basin reservoirs in the Permian, which have framework composition, clay content, water and hydrocarbon chemistry that change across the basin. It is a part of the Complex nano-Fluid® (CnF®) line of technologies that complement the chemistry of the reservoir to reduce capillary pressures and optimize its flow area through patented, customized formulations. These chemistries are based on naturally sustainable and non-toxic citrus oil from orange peels to improve well performance and productivity. Flotek has more than 50 CnF® formulations that can be applied in a wide range of reservoirs around the world. The company continues to expand its proprietary product portfolio.
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.