Houston-based oilfield technologies’ developer Flotek Industries has completed the purchase of oil recovery firm Eclipse IOR Services (EOGA) as it looks to expand its enhanced oil recovery (EOR) portfolio.
The deal, firstly announced in July last year, was finalised on January 1 at $5.25million plus 94,354 Flotek stock shares.
The company will benefit from EOGA’s current and planned EOR projects across the US, Canada, South America and the Middle East including the use of gel polymer and CO2 foam techniques.
“EOGA’s expertise in Enhanced Oil Recovery processes and the use of polymers to improve performance of EOR projects is an important addition to Flotek’s growing inventory of EOR services,” said John Chisholm, Flotek’s chairman, president and chief executive.
As a subsidiary of Flotek, EOGA will maintain its headquarters in Dallas with field offices in Oklahoma and Kansas.