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Last updated on April 18, 2014 at 1:21 EDT

Sharewell L.P. Completes the Purchase of its Electro-Trac(TM) EM Technology From E-Spectrum Technologies, Inc.

September 27, 2010

HOUSTON, Sept. 27 /PRNewswire/ — Sharewell L.P. is pleased to announce that it has completed the purchase of the patented, proprietary EM MWD technology jointly developed pursuant to an exclusive license agreement between E-Spectrum Technologies and Sharewell L.P. This unique technology was initially developed by E-Spectrum in cooperation with the Department of Energy (DOE) as part of a “Deep Trek” initiative to foster new technologies to facilitate exploration for deep natural gas resources.

Mark West, Sharewell’s President, stated that, “Due to the rapid commercial success and increasing demand for the technology, we are very pleased to be in a position to purchase the technology well before the end of the option term, a full year ahead of schedule. With the purchase of the technology Sharewell receives an assignment of the Licensed Patent, the technology and all ownership rights therein.”

With over 15,000 operating hours in multiple basins of N. America, Sharewell’s patented EM system is capable of identifying, transmitting and decoding very weak signals. The technology successfully operates at greater depths than other EM systems and in formations not favorable to EM wave propagation. Sharewell believes these capabilities distinguish the Electro-Trac(TM) EM technology from other EM systems currently in use.

Sharewell’s EM technology saves the operator time and money by transmitting data faster than mud-pulse and by providing continuous transmission even while making connections. Unlike traditional mud pulse MWD transmission systems, EM technology does not rely on drilling fluids to transmit pressure pulses to the surface. Because EM systems have no moving parts or fluid restrictions, they are more reliable than conventional mud pulse tools.

Sharewell L.P. is a privately held service and technology company providing premium directional drilling products, services and technology to the oil and gas and pipeline and utility industries worldwide. For more information on the Company or to learn more about the Company’s EM technology please contact Mark West or Greg Turner at 713-983-9818.

More information, online: www.sharewell.com.

This release was issued on behalf of the above organization by Send2Press(R), a unit of Neotrope(R). http://www.Send2Press.com

SOURCE Sharewell L.P.


Source: newswire