Veretek Announces Record Sales Quarter and V-Pump(TM) Installations
HOUSTON, Oct. 1, 2019 /PRNewswire/ -- Vere Technology LLC ("Veretek" or the "Company") is pleased to announce a record sales quarter in Q3 2019 and that the Company has now successfully run and completed more than 350 V-Pump installations. Veretek's flagship product, the V-Pump, is a patented, contra-helical screw pump that is stress tested and commercially proven to handle significantly more sand, gas and heavy oil than conventional electric submersible pumps ("ESPs"). The V-Pump is ideally suited for wells with high sand concentrations and gas slugs which are commonly seen in both US shale and conventional oil wells. The V-Pump's improved run-time and reliability have continued to drive customer adoption in the continental US, where Veretek has been focused, Latin America and the Middle East, with interest growing globally.
"Many of the artificial lift solutions available in the market today were not designed to pump the high sand concentrations and gas slugs common in today's oil wells. Centrifugal ESPs use an antiquated design that hasn't changed materially in more than a hundred years and forces production fluids to take a complicated and tortuous flow path. Demand for a sand and gas tolerant ESP has increased significantly with the advent of US unconventional oil wells and increasing completion intensity," said Greg Hottle, CEO of Veretek. "We are currently witnessing a substantial increase in customer interest and adoption due to the technological benefits and compelling economics of the V-Pump."
"We are excited and proud of Veretek as the Company has continued to gain momentum and has already cemented a record year," said Bill Chiles, Managing Partner of Pelican Energy Partners, former CEO and President of Bristow Group and Chairman of Veretek. "Veretek's customers are increasingly adopting and standardizing on the V-Pump. These increased sales are predominantly driven by the V-Pump's superior value proposition relative to centrifugal ESPs, which includes maximizing production time and minimizing operating expenses by mitigating the number of required well interventions."
About Vere Technology LLC ("Veretek")
Headquartered in Stafford, TX with additional locations in Midland, TX and Minot, ND, Veretek designs, engineers, sells and services artificial lift and sand management products. Veretek's primary product, the V-Pump, is a patented, contra-helical screw pump used in the production of oil and gas. The V-Pump is capable of handling significantly greater volumes of sand and other solids as well as gas and heavy oil because it uses a physically different hydraulic mechanism than centrifugal ESPs or any other downhole pumping systems.
For more information about Veretek, visit www.veretek.com
About Pelican Energy Partners LP ("Pelican")
Founded in 2011, Pelican Energy Partners is a highly specialized, growth-oriented private equity firm based in Houston, TX. The team is led by a group of experienced energy service professionals focused on making investments in energy service and manufacturing companies. Pelican makes strategic investments in small to middle-market, high growth potential energy service and equipment companies with sustained earnings outlooks. The firm has raised $563 million of committed capital and is investing out of its third fund.
For more information about Pelican, visit www.pelicanenergypartners.com
Contact:
Greg Hottle, CEO Veretek
ghottle@veretek.com
281-507-2067 Mobile
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SOURCE Vere Technology LLC
