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[STK] NYSE:FTK
[IN] OIL UTI
[SU] PER TNM
TO BUSINESS, AND ENERGY EDITORS:
Flotek Industries Announces Appointment of Amerr Mahgoub as Vice
President, Middle East Business Development; Closing of SiteLark, LLC
Acquisition
HOUSTON, April 15, 2014 /PRNewswire/ -- Flotek Industries, Inc.
("Flotek" or the "Company") (NYSE: FTK) today announced it has
appointed Amerr Mahgoub as Vice President, Middle East Business
Development.
As the leader of Flotek's Middle Eastern business development and
marketing team, Mahgoub will focus on development of new and existing
markets for Flotek, including the development of markets served by the
Flotek-Gulf Energy joint venture based in the Sultanate of Oman and
the Company's relationship with Saudi Aramco.
Mahgoub is a 25-year oilfield veteran, two decades of which have been
spent in the Middle East and Africa. Upon completing his petroleum
engineering degree at Louisiana Tech University, Mahgoub joined
Schlumberger as a field engineer. He remained with Schlumberger his
entire career, assuming greater responsibility over time concluding
his tenure as a key relationship manager between Schlumberger and
Saudi Aramco.
"We are delighted to have someone of Amerr's stature and experience
join the Flotek team as we build a world class team in the Eastern
Hemisphere," said John Chisholm, Chairman, President and Chief
Executive Officer of Flotek. "Amerr's experience in the region
combined with deep relationships with key customers will service
Flotek well as we work to build relationships and introduce our brand
of innovative oilfield technologies to these important markets.
Already Amerr has had an impact with key relationships, opening doors
more rapidly than they would otherwise have opened and creating
opportunities to penetrate markets that would have been elusive
without his contacts and expertise."
Mahgoub will be based in Saudi Arabia and spend considerable time in
Oman as Flotek continues the development of its joint venture with
Tasneea and Gulf Energy.
Site Lark Acquisition Closes
Flotek also announced that it has closed the previously announced
acquisition of SiteLark, LLC, a leading provider of quality reservoir
engineering and modelling services for a variety of hydrocarbon
applications.
Founded in 2000, SiteLark works around the globe developing innovative
solutions to extract information from available data to enrich
reservoir simulation models, builds predictive models for
unconventional gas and performs a variety of engineering studies
related to fluid characterization, material balance, decline curves
and pressure transient analysis. SiteLark also provides proprietary
software solutions for the petroleum industry which assists engineers
with reservoir simulation, reservoir engineering and waterflood
optimization.
SiteLark also provides engineering services for Enhanced Oil Recovery
projects and serves as a provider of in-depth modelling and evaluation
services for Eclipse IOR Services, or EOGA, a wholly owned subsidiary
of Flotek.
'We welcome Dr. Dee Biswas and the SiteLark team to the Flotek family
and are excited to add this critical asset to our Enhanced Oil
Recovery team," added Chisholm. "Not only does this position Flotek to
provide a wide range of design and modeling services for our EOR
client base, SiteLark's modelling and evaluation expertise also has a
host of important applications for primary development and completion
work as well. Dee's exceptional talent and expertise combined with his
enthusiasm to grow his business inside of Flotek should serve our
clients and shareholders well."
Flotek provided $0.6 million in total consideration for the
acquisition which is effective April 1, 2014.
About Flotek Industries, Inc.
Flotek is a global developer and distributor of a portfolio of
innovative oilfield technologies, including specialty chemicals and
down-hole drilling and production equipment. It serves major and
independent companies in the domestic and international oilfield
service industry. 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.
Forward-Looking Statements
Certain statements set forth in this Press Release constitute
forward-looking statements (within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act
of 1934) regarding Flotek Industries, Inc.'s business, financial
condition, results of operations and prospects. Words such as expects,
anticipates, intends, plans, believes, seeks, estimates and similar
expressions or variations of such words are intended to identify
forward-looking statements, but are not the exclusive means of
identifying forward-looking statements in this Press Release.
Although forward-looking statements in this Press Release reflect the
good faith judgment of management, such statements can only be based
on facts and factors currently known to management. Consequently,
forward-looking statements are inherently subject to risks and
uncertainties, and actual results and outcomes may differ materially
from the results and outcomes discussed in the forward-looking
statements. Factors that could cause or contribute to such differences
in results and outcomes include, but are not limited to, demand for
oil and natural gas drilling services in the areas and markets in
which the Company operates, competition, obsolescence of products and
services, the Company's ability to obtain financing to support its
operations, environmental and other casualty risks, and the impact of
government regulation. Further information about the risks and
uncertainties that may impact the Company are set forth in the
Company's most recent filings on Form 10-K (including without
limitation in the "Risk Factors" Section), and in the Company's other
SEC filings and publicly available documents. Readers are urged not to
place undue reliance on these forward-looking statements, which speak
only as of the date of this Press Release. The Company undertakes no
obligation to revise or update any forward-looking statements in order
to reflect any event or circumstance that may arise after the date of
this Press Release.
SOURCE Flotek Industries, Inc.
SOURCE Flotek Industries, Inc.
-0- 04/15/2014
/CONTACT: Investor Relations, (713) 726-5376, IR@flotekind.com
/Web Site: http://www.flotekind.com
(NYSE:FTK) /
CO: Flotek Industries, Inc.
ST: Texas
IN: OIL UTI
SU: PER TNM
PRN
-- DA05017 --
0000 04/15/2014 11:00:00 EDT http://www.prnewswire.com
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