FLOTEK INDUSTRIES ANNOUNCES PETROVALVE LANDS IMPORTANT VENEZUELAN ORDER.VANCOUVER Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , B.C.--(BUSINESS WIRE)--March 28, 1995--Wm. R. McKay Mc·Kay , Claude 1890-1948. Jamaican-born American writer who figured prominently in the Harlem Renaissance of the 1920s. His works include collections of poetry, such as Constab Ballads (1912), and novels, including Home to Harlem (1928). , P.Eng., Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , on behalf of operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. Petrovalve International Inc., today announced the receipt of a significant order for fifty sets of Petrovalve Plus(R) bottom-hole pump valves, to be installed in the 320-pumping- well Morichal heavy oil field in the prolific Orinocas Belt of eastern Venezuela. LAGOVEN, one of the three national oil companies and the operator of the Morichal field, has experienced unprecedented results from the fifty Petrovalve-equipped wells already in operation, some of which have been running Petrovalves for up to sixteen months. Petrovalve's claims of a longer working life have been substantiated. Average pump life of 4.5 months in Morichal has been extended up to 14 months after the installation of Petrovalves, and this extension has had a major impact on the field's productivity. It has eliminated an estimated 540 well-servicings a year and generating 500,000 barrels of production that would otherwise have been lost during those servicings, and it represents a combined savings of $US 14.0 million annually. Even more spectacular is the recorded increase in oil production directly attributable to the installation of Petrovalves. This increase, which exceeds 35% across the board, will add a potential $US 160 million per year to LAGOVEN's bottom line in this small field. Payout pay·out n. 1. The act or an instance of paying out. 2. A percentage of corporate earnings that is paid as dividends to shareholders. of the Petrovalves is approximately 49 hours. The current order, which comes in the midst Adv. 1. in the midst - the middle or central part or point; "in the midst of the forest"; "could he walk out in the midst of his piece?" midmost of ongoing negotiations between LAGOVEN and Petrovalve International for 220 sets of Petrovalves, clearly leads the Company to its first "Field Conversion" with a sales value of $US 1.2 million per year for each year of the 35 to 40-year life of the field. The three national oil companies directly operate some 10,000 pumping wells, with an additional 10,000 wells being operated by so-called "marginal field operators", prominently represented by the major multinationals. Flotek has been expanding its presence in the Venezuela market since early 1993. In every instance, the field applications programs have been expanded and intensified in·ten·si·fy v. in·ten·si·fied, in·ten·si·fy·ing, in·ten·si·fies v.tr. 1. To make intense or more intense: . This has resulted in negotiations which are currently being conducted for large-scale orders with all three National companies. Flotek is a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. in the international oilfield service industry, involved in the manufacturing and marketing of its proprietary technology, the patented Petrovalve Plus guided-valve system. This technology, which embodies the first major change in the design and function of the valves used in 85% of the world's pumping oil wells, is currently being sold in Canada, the USA and Venezuela. On Behalf of the Board FLOTEK INDUSTRIES INC. Wm. R. McKay, P.Eng. Chairman and C.E.O. -0- NOTE TO EDITORS: The Vancouver Stock Exchange Vancouver Stock Exchange (VSE) A securities and options exchange in Vancouver, British Columbia, (Canada), specializing in venture capital companies. Vancouver Stock Exchange See Canadian Venture Exchange (CDNX). has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release. CONTACT: Wm. R. McKay, 800/565-2125, 604/482-2200 604/482-2220, Fax |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion