Flotek Industries Announces Artificial Lift Acquisition
Flotek Industries, Inc. announced the signing of letter of intent to purchase the assets of Total Well Solutions, LLC (“TWS”) for approximately $3.2 million in cash. The deal is anticipated to close during the first quarter pending final due diligence.
TWS markets and services electric submersible pumps and downhole gas/water separators primarily to coal bed methane gas producers. As part of the purchase agreement, Flotek will obtain an exclusive worldwide license on TWS’s proprietary, patented gas separator. The patented gas separator combined with the Flotek Petrovalve enables coal bed methane producers to realize substantially higher gas production rates and lower operating costs by capturing in-solution gas otherwise lost with water production and increasing pump performance and life.
"This acquisition will compliment our existing patented artificial lift product, the Petrovalve, and will provide our customers a full spectrum of proprietary mechanical coal bed methane production enhancement solutions. The addition of electric submersible pumps and gas separators furthers our goal of increasing the scale and profitability of our artificial lift segment, providing further diversity within Flotek’s business model”, per Jerry Dumas, Sr, Chairman and CEO.
Flotek manufactures and markets innovative specialty chemicals, downhole drilling and production equipment, and manages automated bulk material handling, loading and blending facilities. It serves major and independent companies in the domestic and international oilfield service industry.
For additional information, please visit Flotek’s web site.
Source: Flotek Industries, Inc.
