Flotek Industries Inc. has been awarded another contract in the Petrovalve Division based on successful valve performance for this customer in Argentina. An order for 400 Petrovalve assemblies from a major oil company operating in Russia is scheduled for delivery in December 2004. These Petrovalves will be used to improve recovery from mature fields, “brownfields,” that require an application of practical and focused engineering coupled with the introduction of specialised technology. Production results prove wells 25 years old or more still contain significant amounts of oil reserves. Flotek Industries has made a commitment to actively pursue these brownfields as operators are faced with the challenges of risk and cost reductions. Actual well data confirms substantial increases in production when Petrovalves are used in sucker rod pump designs, while using existing assets already in the ground. New orders for the valve have come from Russia, Mexico and the Middle East.
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