July 2, 2012
/PRNewswire/ -- US Seismic Systems, Inc., an Acorn Energy, Inc. (NASDAQ: ACFN) company announced today it has built and shipped the world's largest commercial high temperature down-hole fiber-optic seismic array. The 40-level array is designed for monitoring wells that use the latest unconventional oil and gas extraction technique known as hydrofracking.
"We believe that our new fiber-optic technology, which provides substantially higher performance with an 80-90% reduction in cost as compared to the legacy monitoring systems, will enable operators to cost-effectively monitor 100% of their frac jobs, leading to significant reductions in environmental impact as well as improvements in extraction efficiency," stated
, CEO of US Seismic Systems. "In addition, our system is designed to operate in the higher temperature shale plays such as Eagleford and Haynesville where the legacy digital electronic systems have been known to have problems."
The system, valued at over
, will be used by a large oilfield service company to monitor stimulations in a high temperature unconventional oil and gas field in
"We are extremely pleased that Jim and his team have achieved the important milestone of shipping their first commercial system by the end of the first half of 2012, as per their plan. We are very impressed by the quality of innovation at the Company as well as the pipeline of customer interest in US Seismic's products. Acorn's Board has agreed to invest an additional
for working capital and to support manufacturing scale-up and inventory build to assure quick turnaround for anticipated new and follow on orders. This latest capital will increase our total investment in US Seismic to over
John A. Moore
, CEO of Acorn Energy.