FLOTEK INDUSTRIES ANNOUNCES THREE US PRODUCERS ADOPT PETROVALVE TECHNOLOGY.VANCOUVER, BC--(BUSINESS WIRE)--April 18, 1995--Wm. R. (Bill) McKay, 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. of Flotek Industries Inc., in conjunction with Bill Jayroe, President of USA Petrovalve Inc., today announced that three of its customers have adopted the company's Petrovalve technology as the standard for their USA operations. The three independent oil and gas exploration and production companies, WRT WRT - with regard to, with respect to. Energy Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :WRTE), Equinox equinox (ē`kwĭnŏks), either of two points on the celestial sphere where the ecliptic and the celestial equator intersect. The vernal equinox, also known as "the first point of Aries," is the point at which the sun appears to cross the Oil Company, and J.M. Huber Corp., have been evaluating the Petrovalve technology, under varying field conditions, since March, 1994. To date, the three companies have converted over forty wells in five States to the Petrovalve technology. On a corporate basis, these companies currently operate more than 2,300 wells. Their decision to approve the Petrovalve technology on a company-wide basis is a direct result of the technology having achieved its stated objectives of increased pump efficiency, increased production where reservoir conditions allow, and a reduction in pump repairs which is attributable to longer valve life. When compared to the old ball- and-seat valve technology, these enhancements translate into substantial producer savings. Commenting from Houston, Texas, Bill Jayroe, President of USA Petrovalve Inc., stated that the decision by the three independents provides Petrovalve with a steady platform for further market inroads inroads Noun, pl make inroads into to start affecting or reducing: my gambling has made great inroads into my savings inroads npl to make inroads into [+ , particularly in Texas and California. "We are pleased with the field performance our valve technology is achieving with the numerous major and independent oil and gas companies currently evaluating our product line," Jayroe said. "The adoption of the technology by WRT, Equinox and Huber supports our efforts and our belief that the Petrovalve Plus and GasBreaker valve system will become the industry standard for our North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Market." USA Petrovalve Inc. is a subsidiary of Flotek Industries Inc., 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. The 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. -0- On Behalf of the Board FLOTEK INDUSTRIES INC. Wm. R. McKay 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) |
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