"We're pleased to enter into this partnership," said John Pope, Ph.D., president of WellDog. "With WellDog's proprietary technology and Prospector's financial and business support, we are poised to significantly advance how coalbed natural gas is located and produced in North America." Coalbed natural gas is the fastest growing segment of U.S. natural gas production -- making up more than 9% of the country's gas production in 2003.
"We're excited to work with WellDog in commercializing its technology," said David Eastman, partner with Prospector Equity Capital. "We view WellDog as a company with great potential to revolutionize the natural gas industry." Eastman and Prospector Equity Capital vice president Alison Wistner will join WellDog's board of directors.
The investment will fund broader commercialization of WellDog's first two services based on its new downhole Raman technology. The first service, Coal Seam Producibility(TM), which is now commercially available, helps natural gas producers determine which wells will produce the most gas with the least discharge of water, a typical production byproduct. The second service, Downhole Gas Content(TM), which is now in early beta testing, quickly determines how much gas can be produced from a given coal seam or well -- an analysis that requires 30 to 120 days using current technology.
WellDog was one of only two energy companies recently selected for the Red Herring 100, a prestigious list recognizing private companies whose services, business models, products and quality of management define business innovation.
About WellDog Inc.
Founded in 1999, WellDog develops new chemical sensing technologies for natural gas exploration and production. The company focuses on increasing natural gas production from unconventional reservoirs while reducing environmental impact.
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