DENVER, July 20, 2017 /PRNewswire/ -- Core Laboratories, a leading provider of proprietary and patented Reservoir Description and Production Enhancement services, and Fracture ID, a Denver-based oil and gas technology company, have launched the Horizontal Reservoir Characterization Consortium – Midland Basin to investigate geologic controls on variability in well production.
Horizontal Reservoir Characterization Consortium – Midland Basin
Operators participating in this consortium will collect high resolution geological data from horizontal wells in the heterogeneous Wolfcamp formation of the Midland Basin using Fracture ID Drillbit Geomechanics™ technology and Core Lab analysis on drill cuttings. This horizontal well data will be integrated with Core Lab's existing Midland Basin Joint Industry Project (JIP) database. The objectives of the project are to determine the effects of geologically-informed perforation strategies on production, statistically investigate correlations between geology and hydraulic fracture treatment, produce 3-D geologic data for input to earth models, and to update and extend established local and regional petrophysical models.
Core Laboratories is excited to take part in the next step in the development of new methods to optimize perforation efficiency, reduce operators' drilling and completion costs, and improve the economics of unconventional resource development plays for operators. The Company believes that the Horizontal Reservoir Characterization Consortium will enhance the value of its comprehensive proprietary Midland Basin Wolfcamp database, while applying exciting new analytical techniques to the geological and geomechanical characterization of horizontal wells. Core Lab feels this has the potential to be a new breakthrough technology in the world of unconventional plays.
Fracture ID believes that creating high resolution data in many horizontal wells across the Midland Basin, calibrated to the Core Lab JIP database, provides the ability to statistically correlate the geological properties of the contacted reservoir with completions and production performance, and are excited to work with Core Lab on this ground-breaking project.
Meet Fracture ID and Core Laboratories at URTeC 2017 in Austin, TX July 24-26
About Core Laboratories
Core Laboratories' reservoir optimization technologies are used to increase total recovery from existing fields. The services enable clients to optimize reservoir performance and maximize hydrocarbon recovery. The Company's commitment to applying and developing new technologies to optimize reservoir performance is unsurpassed in the oilfield service industry. This commitment to technology and to the operators' bottom line makes Core Laboratories, The Reservoir Optimization Company™. (http://www.corelab.com/irs)
About Fracture ID
Fracture ID uses proprietary Drillbit Geomechanics™ to record, process and analyze at-the-bit vibrations to generate quantitative datasets used to inform operators of critical reservoir elastic properties, thin-beds, and natural fractures that can be utilized in completion design optimization, high resolution reservoir characterization, and field development planning. (http://www.fractureid.com/)
This release includes forward-looking statements regarding the future revenues, profitability, business strategies and developments of the Company made in reliance upon the safe harbor provisions of Federal securities law. The Company's outlook is subject to various important cautionary factors, including risks and uncertainties related to the oil and natural gas industry, business conditions, international markets, international political climates and other factors as more fully described in the Company's 2016 Form 10-K filed on 10 February 2017, and in other securities filings. These important factors could cause the Company's actual results to differ materially from those described in these forward-looking statements. Such statements are based on current expectations of the Company's performance and are subject to a variety of factors, some of which are not under the control of the Company. Because the information herein is based solely on data currently available, and because it is subject to change as a result of changes in conditions over which the Company has no control or influence, such forward-looking statements should not be viewed as assurance regarding the Company's future performance. The Company undertakes no obligation to publicly update any forward-looking statement to reflect events or circumstances that may arise after the date of this press release.
CONTACT: Josh Ulla, Vice President of Business Development, 1-832-628-7168, firstname.lastname@example.org
SOURCE Fracture ID