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Flotek
Industries, Inc.
FTK announced this morning the
execution of a Letter of Intent (the "Agreement") with an affiliate of Gulf
Energy, LLC ("Gulf Energy"), a leading Oman-based diversified oil and gas
concern, to construct an advanced oilfield chemistry production facility and
create a state-of-the-art research and development organization to address the
growing need for advanced oilfield chemistry and analysis in the Middle East
and North Africa.
Under the terms of the Agreement, Flotek will own 60% of two new
Omani-registered limited liability companies: the first, a chemical production
company that plans to construct a production facility – with capabilities
similar to the Company's current facility in Marlow, Oklahoma; and the second,
a research and development laboratory that will focus on the application of
Flotek's leading oilfield chemistries to the challenges of drilling,
completion and production in the Middle East and North Africa. Flotek and Gulf
Energy will jointly market the products and services of the Company along with
Flotek's international marketing partner, Basin Supply Company.
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