TULSA, Okla.--(BUSINESS WIRE)--Chemical Flooding Technologies, LLC (“CFT”) has acquired Tracer Technologies International, Inc. (“TTI”). TTI is a leading provider of technical service and research in fluid flow characterization through the use of chemical tracers, with nearly 30 years of field experience. TTI’s President, Mr. Wallace Loder, will be retained during the technology transfer period. The acquisition effectively transfers TTI’s oilfield tracer testing services for waterflood optimization and enhanced oil recovery (“EOR”) developments to CFT’s laboratories in Tulsa, OK. CFT provides EOR products and services, including field screening and evaluation, single well chemical tracer tests to measure residual oil saturation, surfactant/polymer formulations and field pilot facilities.
“This technology allows us to better understand reservoir behavior, which in turn improves the effectiveness of our waterflood designs.”
“The addition of TTI’s interwell tracer technology to our suite of products and services will allow us to provide exceptional support to our customers in the successful planning, implementation and optimization of improved oil recovery (“IOR”) and EOR projects,” said Tom Burghart, CFT’s Vice President of Business Development. “Our new partnership with Mr. Loder will allow us to build on his extensive experience with oilfield chemical tracers and his reputation for quality service.”
Mr. Loder and his company have done hundreds of tracer injections since TTI was incorporated in 1993. He started doing tracer work at Sohio Research (which later became BP Research) in the early 80s, where he was fortunate to train under Bernie Zemel, author of “Tracers in the Oil Field.” Mr. Loder has known the Principals at CFT for a few years and has performed a significant amount of tracer work for them. When CFT approached him about selling his tracer business, he thought it was a great opportunity.
“The folks at CFT have a keen interest in doing tracer work correctly and I am pleased to be associated with this dedicated group of engineers and chemists. I am confident that they will continue to provide quality tracer work,” said Mr. Loder.
As more operators seek to deploy more complex IOR and EOR technologies to maximize oil recovery, interwell tracer testing is expected to play an increasingly important role.
CFT is a subsidiary of Mid-Con Energy III, LLC, a private oil and gas company focused on the development of oil reserves and production through waterflooding and EOR. Mid-Con Energy Operating, Inc. (“Mid-Con Energy Operating”) serves as the operator for Mid-Con Energy III, LLC.
“Interwell tracer testing has become standard practice in our waterflood developments,” said Randy Olmstead, Chief Executive Officer of Mid-Con Energy Operating. “This technology allows us to better understand reservoir behavior, which in turn improves the effectiveness of our waterflood designs.”
About Chemical Flooding Technologies, LLC
Chemical Flooding Technologies is a services company focused on the research, development and field testing of surfactant technology to further develop enhanced oil recovery projects. For more information please go to our website at www.chemicalfloodingtechnologies.com.