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Moblize Finalizes Series B Preferred Stock Investment With Investors

Posted on: Tuesday, 25 October 2005, 09:01 CDT

Moblize, an energy service company providing open and low-cost optimization solutions for remote oil field assets, has closed a Series B preferred stock investment by Contango Capital Management, which led the round, and by CTTV Investments LLC, a subsidiary of Chevron Corporation (NYSE:CVX).

Houston-based Moblize, formed in 2002, offers real-time wireless monitoring and field optimization capabilities to hydrocarbon producers. Utilizing non-proprietary architecture, Moblize provides producers with a solution to data-gathering and field optimization with a cost structure appropriate for use in connection with unmonitored marginal wells. The company's customizable suite of products allows users to enable informed oilfield operations at low costs. Moblize is currently deploying its technology in oil fields near Houston belonging to Chevron U.S.A. Inc.

"We are excited by the caliber of our investors," said Moblize Principal Officer Amit Mehta. "The combination of Contango Capital's experience with new energy technologies and the expertise in the oil sector brought by CTTV Investments LLC will be helpful as we grow."

Contango Capital Management is a Houston-based venture capital firm that invests in new energy technologies and services for commercial and military use. The firm recently launched a second fund, scheduled to close in 2006.

"Contango Capital is committed to finding innovative ways to enhance energy production while also increasing the producer's bottom line," said Contango Capital Managing Partner John Berger. "Technologies such as Moblize's Kanak platform will increase production efficiency, provide operational flexibility and, most importantly, reduce costs."

About Contango Capital

Contango Capital's investment objective is to achieve long-term capital appreciation from seed and early-stage venture capital investments in companies that aim to bring commercially viable technologies and business models to the changing energy industry. For more information, visit http://www.contangocapital.com.

About CTTV Investments LLC

CTTV Investments LLC, a subsidiary of Chevron Corporation, makes investments in companies with early to mid-stage technologies.

Source: Business Wire

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