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
separators primarily to coal bed methane gas producers in
the Powder River
- 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)