Flotek Industries Announces Introduction of CnF® Chemistry Applications for Well Remediation and Restimulation
HOUSTON – Flotek Industries, Inc. (NYSE: FTK - News) announced today that it will introduce new and unique Complex nano-Fluid® chemistries that will address the growing market for remediation and restimulation of existing, unconventional wells.
"As the commodity price environment changes so too will the need of producers to reconsider alternatives to drilling new wells to maintain and grow production in a more efficient manner," said John Chisholm, Flotek's Chairman, President and Chief Executive Officer of Flotek. "Our data suggest that a remediation or restimulation treatment of a well using a tailored CnF chemistry design can reinvigorate production by 30-70% and, in some cases, return the well to its original production profile. More important, it can do so at a fraction of the cost of drilling and completing a new well. We are excited about our initial work and look forward to introducing this new CnF application to our clients and others in the coming weeks and months."
While the design of a remediation or restimulation program will vary, it is unlikely necessary to involve a total recompletion or refracturing of an existing producing well. Instead, it will involve a basic "pump and pressure treatment" utilizing a coil tubing unit, using CnF in a fluid system that will penetrate the existing fractures in the formation and mitigate wellbore blockages caused by paraffins, asphaltenes, and other "clogging particles."
"Through remediation and restimulation we are leveraging the solvent properties of d-limonene in our CnF chemistry with a retreatment using, in most cases, a coil tubing unit and, as a result, gain the benefits provided by CnF chemistry in a primary completion," said Steve Marinello, PhD, Flotek's Director of Applied CnF Technology. "The impact for the operator is not only increased production at a significantly reduced cost but also the likelihood of an increase in proved reserves from new reservoir volume contacted and increased value for wells where the remediation and restimulation treatments have been effective."
Flotek plans a full-scale launch of its remediation chemistry in early March at several professional conferences and through targeted marketing efforts.
"With concerns over capital spending causing severe constraints on new drilling and, as a result, production growth for many of our clients, we believe remediation and restimulation with CnF is a compelling answer to the challenge of reducing costs and growing production at the same time," added Chisholm. "With the data available to us through our FracMax™ database and proprietary validations, as well as the use of our advanced reservoir modelling and historical matching capabilities through our SiteLark subsidiary we are not only able to show the efficacy of the CnF remediation program we can also assist our clients in identifying existing wells that should have significant impact on production growth after remediation and restimulation. We believe the combination of FracMax and CnF remediation will add significant value to our clients' production profiles."
About Flotek Industries, Inc.
Flotek is a global developer and distributor of a portfolio of innovative oilfield technologies, including specialty chemicals and down-hole drilling and production equipment. It serves major and independent companies in the domestic and international oilfield service industry. 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.
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