Flotek Acquires Sooner Energy Services in Cash Deal
Flotek Industries says that the acquisition of Sooner Energy Services is for approximately $7.1 million cash.
Sooner Energy Services develops, produces and distributes specialty chemical products and services for drilling and production of natural gas. Started in 1996 and headquartered in Norman, Oklahoma, SES operates from five locations throughout Oklahoma and Texas. SES manufactures and markets specialty production chemicals designed to maximize gas production -- the current product lines include solid chemical foam sticks, liquid foaming agents, hydrogen sulfide scavengers, corrosion inhibitors, and water treatment products. SES offers hands-on field application knowledge and technical expertise to design and deliver product solutions for various well conditions. SES' customers are natural gas producers, oilfield supply stores, drilling mud and other oilfield service companies for the North American natural gas industry.
Jerry D. Dumas, Sr., Chairman, President and Chief Executive Officer, stated, "I am very excited to bring Sooner Energy Services into the Flotek organization. The acquisition provides the platform and momentum for the broadening of our Specialty Chemical division's field capability to sell and service production enhancement products and chemicals. We plan to expand SES' product offerings to include, among other items, CESI Chemical's line of proprietary biodegradable production foamers. Our combined companies' goal is to provide a full line of specialty production chemicals to enhance hydrocarbon production rates and expand this service geographically."
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.
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