Press Release Summary:
Delivering critical oil and gas reservoir properties to exploration and production (E&P) companies, Fracture ID lowers drilling and completion expenses while increasing hydrocarbon recoveries. Drillbit Geomechanics™, used to analyze at-the-bit vibrations for detailed reservoir characterization, promotes unconventional resource development economics through informed frac stage and perf cluster placement, while downhole datalogger collects dataÂ during normal course of drilling.
Original Press Release:
Fracture ID Announces Drillbit Geomechanics(TM) to Help Lower Costs, Increase Oil and Gas Production
Secures Additional Funding to Further Commercialize Innovative Solution
DENVER -- Fracture ID, a Denver-based oil and gas technology company, today announced its highly differentiated, low cost solution for engineered completions. Fracture ID cost effectively delivers critical oil and gas reservoir properties to exploration and production (E&P) companies to lower drilling and completion costs and increase hydrocarbon recoveries.
Fracture ID uses proprietary Drillbit Geomechanics™ to analyze at-the-bit vibrations for detailed reservoir characterization, providing the basis for improved unconventional resource development economics through informed frac stage and perf cluster placement.
An industry standard downhole data logger is used to collect data in the normal course of drilling, from which high resolution measurements of mechanical rock properties such as Young's Modulus, Poisson's Ratio and the location of intersected natural fractures can be made. Fracture ID's solution is low cost, requires no additional rig time, and presents no incremental operational risk or downtime. Projects delivered to more than 10 E&P companies to date have confirmed that the results generated by Fracture ID technology correlate to traditional petrophysical measurements, while costing only a fraction of current reservoir characterization tools.
Chris Neale, Fracture ID Founder and CEO, said: "Our technology is used by E&P companies to group similarly stressed rock so more fractures are initiated in every frac stage. This additional fracture surface area increases production rates and ultimate recovery with no negative impact on completions cost. Our price point provides the commercial viability for targeted stimulation on every new well drilled."
New Private Investment
Fracture ID is announcing a private investment from Energy Innovation Capital, the premier capital provider to energy innovators. The partnership provides Fracture ID with the capital resources to accelerate its growth plan, enhance its Drillbit Geomechanics™ technology and strengthen client service.
Neale said: "The capital infusion from Energy Innovation Capital (EIC) enables Fracture ID to meet the rapid increase in industry demand for our services. Given EIC's deep technical and commercial experience in the oil and gas industry, they are an ideal growth partner."
Meet Fracture ID at the URTEC 2016 Conference
Fracture ID will have an exhibit at URTEC 2016 in San Antonio, August 1-3, in booth # 245. Interested parties are encouraged to schedule a meeting with a Company representative or stop by and learn more about Drillbit Geomechanics™.
About Fracture ID
Founded in 2014, Fracture ID uses patent-pending Drillbit Geomechanics™ technology to generate high-resolution measurements of critical reservoir characteristics, enabling operators to better understand their reservoirs for informed hydraulic stimulation. For more information on Fracture ID, please visit: http://www.fractureid.com.
About Energy Innovation Capital
Energy Innovation Capital helps meet the world's growing need for energy that drives growth, prosperity and sustainability for global economies by investing in new and innovative technologies. For more information on EIC, please visit www.energyinnovationcapital.com.
Director of Business Development
Brian R. Brooks