HOUSTON and BUENOS AIRES, Argentina, July 25, 2016 /PRNewswire/
-- Flotek Industries, Inc. (NYSE: FTK) (News) ("Flotek"
or the "Company") announced today that it has signed a five-year
joint technology development agreement with YPF Technologia
S.A. ("Y-TEC"), the technology arm of YPF Sociedad
Anonima ("YPF"), the vertically-integrated national energy
company of Argentina.
Flotek and Y-TEC will jointly work to develop new technologies
and new applications of current technologies with a focus on the
oil and gas industry as well as industrial applications beyond
energy.
Flotek and Y-TEC's initial collaboration in the energy space
will focus on:
- The use of customized chemistry to develop "full fluid
systems", building from Flotek's patented CnF® and PrF™ technology
platforms for deployment in both the Vaca Muerta shale and Neuquen
tight gas basins.
- Design and implementation of a YPF-centric data management
application emphasizing chemistry.
- Local supply and production of d-limonene (citrus terpenes) for
applications in new and existing wells as well as other industrial
and commercial applications.
"We believe Y-TEC's partnership with Flotek, focused on
innovative custom chemistry, combined with integrated data analysis
will enable us to continue to design more efficient and effective
solutions for the development of both conventional and
unconventional resources," said Ing. Santiago Sacerdote, Gerente General of
Y-TEC. "Y-TEC fully embraces Flotek's philosophy of 'enabling
and protecting reservoirs' with the appropriate applications of
precision, customized chemistry."
"We are pleased to partner with Y-TEC in their efforts to
embrace and deliver innovative technology in the energy sector as
well as other industries in Argentina," said John
Chisholm, Flotek's President, Chairman, and Chief Executive
Officer. "The planned openings of Y-TEC's ambitious new
research facility as well as Flotek's new Global Research and
Innovation Center in the coming months illustrate both companies
are committed to cutting-edge research and innovations and further
supports our collaborative effort that will include the sharing of
research personnel and resources across the Americas."
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.
About Y-TEC
Y-TEC is a technology company owned 51% by YPF -the state oil
company- and 49% by the National Council of Scientific and
Technical Research (CONICET). The CONICET is an autarkic
institution of the Ministry of Science, Technology and Innovation
of Argentina and it is the
nation's leading scientific institution and one of the most
relevant in Latin America.
About YPF S.A.
YPF is Argentina's leading
energy company, operating a fully integrated oil and gas chain with
leading market positions across the domestic upstream and
downstream segments. YPF's upstream operations consist of the
exploration, development and production of crude oil, natural gas
and LPG. YPF's downstream operations include the refining,
marketing, transportation and distribution of oil and a wide range
of petroleum products, petroleum derivatives, petrochemicals, LPG
and bio-fuels. Additionally, YPF is active in the gas separation
and natural gas distribution sectors both directly and through its
investments in several affiliated companies.
Headquartered in Buenos Aires,
Argentina, YPF is traded on the Buenos Aires Stock Exchange
and its American Depositary Shares are traded on the New York Stock
Exchange.
For more information on YPF, please visit www.ypf.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.
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SOURCE Flotek Industries, Inc.