Flotek acquires Eclipse IOR Services, expands EOR platform

Flotek Industries Inc.

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.”

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...