Flotek Closes TWS Acquisition

Flotek Industries said that it has closed its acquisition of Total Well Solutions for approximately $4.8 million in cash.

Flotek purchased TWS' tangible assets and licensed the rights to exercise the exclusive worldwide rights to a patented gas separator used in coal bed methane production. The product inventory, valued at approximately $1.6 million and not included in the original purchase offer of $3.2 million per the letter of intent signed on February 16, 2006, was acquired by Flotek. Flotek will pay a royalty on all sales based on the licensed gas separator technology.

TWS markets and services electric submersible pumps and downhole gas/water separators primarily to coal bed methane gas producers in the Powder River Basin.