Dr. Ron Robinson, former President of Texaco Technologies and now Chairman of the Board of Verdisys, Inc., said: "This merger is the next step in executing the Verdisys business plan, expanding the resources of the company and creating a unique opportunity to service the needs of energy companies today in energy production enhancement. Access to the public markets will provide Verdisys the credibility and financial strength to deliver the significant potential of the patented and proprietary services it brings to the oil and gas industry."
Verdisys recently acquired the U.S. and Canadian business and rights related to the patented Landers lateral drilling technology, considered to be a leading technology in the market for enhancing oil and gas well production from existing fields. These services allow increased oil and gas production from existing wells as well as extracting oil and gas from wells previously "tapped out." There are 1.7 million petroleum wells that would benefit from the economics of Verdisys' lateral drilling and high-speed satellite connectivity services. An estimated 87% of the known oil reserves in the United States remain untapped, a total potential market of more than $50 billion. Verdisys' lateral drilling services provide a unique and cost effective method of tapping these reserves. By tapping these existing reserves the Company will lessen North America's dependency on overseas oil imports and further energy conservation and preservation efforts.
"We are very excited at the prospect of realizing this significant goal in the Company's long term plans. Our customers and prospects look to us to provide mission critical services and solutions," said Dan Williams, President and Chief Executive Officer. "This milestone ensures we can execute our longer term strategic objectives for the Company."
Strategically, the merger allows Verdisys to grow its Lateral Drilling and Satellite Communication businesses in tandem. The Company's Satellite Communications business, "Satellite Private Networks(TM) (SPN's(TM))," utilize two-way satellite broadband to provide energy companies with a wide variety of Remote Energy Management applications. Verdisys has developed unique, high quality and cost effective satellite communication capabilities that provide Energy Companies access to remote sites, including well heads, drilling platforms and storage facilities.
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