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


Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...