Production Enhancement Group Inc. announced Tuesday that it has allowed its joint venture agreement with Al Qahtani Maritime & Oil Field Services Co., announced on April 16, 2007, to expire of its own terms.
The purpose of the joint venture was to deploy PEG's patented WISE multifunction coil tubing well intervention systems in the Middle East.
"In the final analysis, the parties were unable to reach mutually agreeable terms under which to implement the joint venture," said Don B. Cobb, president and COO of WISE Well Intervention Services, Inc., PEG's operating subsidiary. "As well, at this stage it makes more sense for PEG to focus on exploiting growth opportunities that we see much closer to home. We continue to believe that WISE Well Intervention Services can play a key role in the Middle East, and we will explore alternative avenues to penetrate that market at the appropriate time."
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