Flotek Industries Inc. (NYSE: FTK) has closed its purchase of Eclipse IOR Services LLC (EOGA) and plans to expand its enhanced oil recovery (EOR) platform.
Total consideration for the purchase was $7 million, including $5.25 million in cash and 94,354 shares of Flotek common stock. The transaction is effective Jan. 1. While final year-end financials are pending, the company estimates EOGA's 2013 net income to be approximately $1.6 million.
John Chisholm, Flotek's chairman, president, and CEO, said, "EOGA's expertise in EOR processes and the use of polymers to improve performance of EOR projects is an important addition to Flotek's growing inventory of EOR services.”