Flotek Industries Acquires Can-Ok Oil Field Services

Flotek Industries, Inc. reports the signing of a definitive agreement to purchase the assets of Can-Ok Oil Field Services, Inc. and Stabilizer Technology, Inc. for approximately $6.75 million in cash and $525,000 in stock. The deal is anticipated to close this month.

The acquisition of Can-Ok Oil Field Services, Inc. and Stabilizer Technology, Inc. will expand our drilling tool sale, rental and inspection services throughout Oklahoma, Louisiana, Arkansas and Texas.

Jerry D. Dumas, Sr., Flotek's Chairman and CEO, stated, "These acquisitions continue our geographic expansion of Spidle-Turbeco. With the addition of these two companies we will improve the utilization of our drilling tool inventory and recently acquired manufacturing capability."

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