Flotek Reports Increased Uplift, ROI In 200+ Well Study In Wolfcamp A In The Midland Basin
HOUSTON, February 27, 2018 -- Flotek Industries, Inc. (NYSE: FTK)—a leading developer of innovative chemistry-based technology delivering prescriptive solutions to clients in the energy, consumer industrials and food & beverage industries—has released the results of a 200+ well study in the Wolfcamp A reservoir of the Midland Basin.
As a part of its performance analysis of StimOil® MB – Flotek’s patented Complex nano-Fluid® technology customized for the unique geology, chemistry and economics of the Midland Basin – the company’s performance evaluation team analyzed 245 wells in the Wolfcamp A reservoir. The study included wells located in Martin, Midland and Upton Counties in the Midland Basin and compared wells treated with StimOil® MB with non-treated wells. Completions dates ranged from January 2016 to December 2017. Production data was normalized for proppant intensity, a ratio of proppant loading and perforated lateral length.
The Results: StimOil® MB in Wolfcamp A
The StimOil® MB-treated wells outperformed the non-treated wells over an initial 12-month production period, with uplift reaching 30% at the end of the first 12 months of production.
The production decline curve analysis also demonstrated sustained economic benefits over the same time period, with net present value (NPV) of uplift estimated to be greater than $1 million after 10 months of production, and payout occurring in less than 4 months based on market price of StimOil® MB. For more information, visit
“Our Wolfcamp A study is an expansion of our recent analysis of more than 400 wells in the Wolfcamp B reservoir published in late January, which showed similar positive results. This analysis demonstrates the consistent and proven performance of our technology in the field over time, which is significant given the size of the well populations evaluated,” said John Chisholm, Flotek’s Chairman, President and Chief Executive Officer. “Our partnerships with our clients have always focused on adding value to their assets and cash flow through prescriptive chemistry, and we are pleased that we continue to deliver on our promise of contributing measurable economic impact to them, as demonstrated by this performance analysis.”
Understanding and analyzing the geology of the reservoir is core to Flotek’s innovation and prescriptive chemistry approach. Flotek’s StimOil® MB is formulated to maximize performance in the Midland Basin reservoirs in the Permian, which have framework composition, clay content, water and hydrocarbon chemistry that change across the basin. It is a part of the Complex nano-Fluid® (CnF®) line of technologies that complement the chemistry of the reservoir to reduce capillary pressures and optimize its flow area through patented, customized formulations. These chemistries are based on naturally sustainable and non-toxic citrus oil from orange peels to improve well performance and productivity. Flotek has more than 50 CnF® formulations that can be applied in a wide range of reservoirs around the world. The company continues to expand its proprietary product portfolio.
About Flotek Industries, Inc.
Flotek develops and delivers prescriptive chemistry-based technology, including specialty chemicals, to clients in the energy, consumer industrials and food & beverage industries. Flotek's inspired chemists draw from the power of bio-derived solvents to deliver solutions that enhance energy production, cleaning products, foods & beverages and fragrances. In the oil and gas sector, Flotek serves major and independent energy producers and oilfield service companies, both domestic and international. 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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