Flotek is in discussions with a number of completion services companies and exploration and production concerns about adopting CnF 2.0. The Company expects initial commercial sales in the fourth quarter.
"We have talked at length about Flotek's commitment to research and development and the breakthroughs that can come from long-term commitment to R&D," added Chisholm. "Our chemistry team has, once again, proven that R&D is an investment in the future. In this case this research provides an exciting future for unconventional completions, environmental stewardship and, we believe, Flotek stakeholders."
Enhanced Oil Recovery Project Developments
In addition, Flotek announced today that it continues to make progress on its work in the Enhanced Oil Recovery ("EOR") arena.Working with Chaparral Energy, Flotek has found the use of CnF for conformance control in a CO2 flood can have a significant impact on production by diverting CO2 into the portion of the reservoir that has the most productive impact. In early trials, production over a 3 month period increased by 14,000 barrels for an incremental cost of less than one dollar per barrel of production. "While our work in the EOR field is in its nascent stages, early results with Chaparral and others suggest CnF can add significant value in secondary recovery projects," added Chisholm. "The improvement in production is significant for Chaparral and, we believe, will be for others we are working with on this exciting new application." The slides associated with Flotek's investor and analyst days will be posted on Flotek's website concurrent with the Company's presentation beginning at 9:00am CDT on October 2, 2012. 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. Forward-Looking Statements: Certain statements set forth in this Press Release constitute forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) regarding Flotek Industries, Inc.'s business, financial condition, results of operations and prospects. Words such as expects, anticipates, intends, plans, believes, seeks, estimates and similar expressions or variations of such words are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements in this Press Release.
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