TETRA Technologies, Inc. Announces Successful Results and Expansion of Its Payzone Product Line Infrastructure.
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THE WOODLANDS, Texas--(BUSINESS WIRE)--March 17, 2000
TETRA Technologies, Inc. ("TETRA" or the "Company") (NYSE:TTI) today announced that recent drilling successes, including wells on Kerr McGee's Neptune Project on Viocsa Knoll Block 825 and Shell's Ursa Project on Mississippi Canyon 809, have led to a decision to expand its infrastructure to accommodate the anticipated demand for this product line.
TETRA's PayZone(R) product line is a new generation of drill-in fluids, which can also encompass a revolutionary patented clean-up methodology that leads to extremely low well formation damage (very low skin damage) in horizontal completions. Since its introduction less than two years ago, the PayZone(R) family of products and systems have performed well in a number of high visibility Gulf of Mexico and Latin American wells for major operators.
Geoffrey M. Hertel, chief operating officer of TETRA, stated, "The continuing successes of the PayZone(R) systems necessitated the recent addition of a number of highly technical qualified personnel to our current staff, new facilities and new equipment purchases. While our previous organization and associated assets were adequate for the level of activity we experienced in 1999, the sheer number of inquiries stemming from the recent successes compelled us to add resources."
Hertel continued, "We are gratified by the recent drilling results, particularly on the Kerr McGee horizontal well. This was a very complicated well with two different pressure regimes on either side of a fault, a very wide range in permeability with most of the internal drilling involving relatively thin sand-shale sequences. The results of drilling and completing this complicated well were exciting. Drilling operations went smoothly and a near-gauge clean hole was accomplished. Skin damage was analyzed at less than 1%. Amazingly, the well was flow tested through portable equipment at rates up to 7,100 B/D of oil and 6.2 MMCF/D of natural gas."
"TETRA's PayZone(R) family of products and systems are an exciting development for TETRA and the energy industry. The ability to successfully drill and complete wells using brine-based drilling fluids coupled with simultaneous clean-up technology has proven its efficacy. Now we must capitalize on this patented position. The recent expansion of our infrastructure should allow for this growth," concluded Hertel.
TETRA is primarily an energy services company, including an integrated chemicals operation that supplies feedstocks to energy markets, as well as other markets.
This press release includes certain statements that are deemed to be forward-looking statements. These statements are based on certain assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Investors are cautioned that any such statements are not guarantees of future performances and that actual results or developments may differ materially from those projected in the forward-looking statements. Some of the factors that could affect actual results are described in the section titled "Certain Business Risks" contained in the Company's Annual Report on Form 10-K for the year ended December 31, 1998.
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