Flotek Industries Makes Organizational Changes
Flotek Industries announced Dr. Glenn Penny elected to resign from the Board of Directors and as President and Chief Technical Officer to pursue other professional opportunities at Flotek. Dr. Penny will assume the role of Director of Technical Information and will focus on specialty chemical publications and presentations for industry and academia. Dr. Penny became President, Chief Technical Officer and a Director of the Company with the merger of Flotek and CESI in 2001.
The Company's Board plans to fill the position with an independent director.
Research Lab Moves to Houston
As announced, Flotek plans to triple its research and development budget for 2007. Flotek has leased a facility in the Woodlands, and will move its research laboratory from Denver to Houston to be closer to key customers.
Flotek manufactures and markets innovative specialty chemicals, downhole drilling and production equipment, and manages automated bulk material handling, loading and blending facilities. It serves major and independent companies in the domestic and international oilfield service industry.
- Flotek Refutes Study Findings, Says Oilfield is Biggest Lab (Dec 27)
- Flotek's 3Q Revenues Hit by Declines in Oilfield Activity (Nov 17)
- Flotek Closes $16MM Equity Private Placement (Aug 13)