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Flotek Industries, And Tasneea Oil & Gas Technologies Announce Shareholder Agreements To Establish Omani Energy Chemistry Technology Enterprise

Stocks in this article: FTK

HOUSTON and MUSCAT, Sultanate of Oman, Nov. 7, 2013 /PRNewswire/ -- Flotek Industries, Inc. ("Flotek" or the "Company") and Tasneea Oil and Gas Technologies, LLC ("Tasneea") today announced the execution of Shareholder Agreements to establish an oilfield chemistry manufacturing company and a chemical research company in Oman to serve markets in the Middle East and Africa.

Upon acceptance by Omani commercial officials, Flotek and Tasneea, an affiliate of Gulf Energy, LLC, an Oman-based integrated oilfield service company, will be partners in Flotek Gulf, LLC and Flotek Gulf Research, LLC, Omani-registered companies that will develop, market and produce specialty chemistries for the drilling, completion and production of oil and natural gas.

"The creation of Flotek Gulf and Flotek Gulf Research is a seminal step in our continued growth into new international markets," said John Chisholm, Flotek's Chairman, President and Chief Executive Officer. "The predicted rapid growth of unconventional resource development in the Middle East and North Africa makes this venture even more compelling, especially given accelerated growth in Oman and the location as a central point to serve this very important region. Moreover, we couldn't be more pleased to have Tasneea and Gulf Energy, a rapidly growing international oilfield service provider, as our partner. Over the course of the last several months we have grown to appreciate and respect the expertise at Gulf Energy as well as the hard work and dedication they have to growing their regional presence. We are excited to move forward to the development of infrastructure and commercial operations in the coming months."

Upon acceptance of the corporate filings by Omani officials, the firms will begin the transfer of assets into the companies and development of infrastructure necessary to manufacture and blend oilfield chemistries.  Flotek will own 55% and Tasneea 45% of each enterprise. Tasneea will contribute real estate in Oman to Flotek Gulf which will house the manufacturing and blending facility.

It is anticipated that construction will start in early 2014. Prior to the completion of the manufacturing facility, it is contemplated that Flotek Gulf will market oilfield chemistry and fill orders in cooperation with Flotek and its U.S. manufacturing and blending operations.

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