Tubel Technologies, Inc. Closes Funding With Altira and CTTV Investments LLC
Posted on: Monday, 19 December 2005, 12:00 CST
THE WOODLANDS, Texas, Dec. 19 /PRNewswire/ -- Tubel Technologies, Inc., a leading developer of new technologies for intelligent completions and production optimization for oil and gas exploration and production, announced today that it has closed its second round of funding. CTTV Investments LLC, the venture capital arm of Chevron Technology Ventures LLC, joined existing investor Altira, a Denver based venture capital firm. Tubel Technologies will use the funding from Altira and CTTV to accelerate the commercialization of its wireless well frac monitoring technology, wireless permanently deployed wellbore gauges and downhole fiber optic sensor technology.
Tubel Tech has operations in the US, Venezuela and Canada, providing solutions to automate and optimize hydrocarbon production. The ability of Tubel Tech's systems to optimize mature assets to increase production from existing wells provides a unique opportunity for Tubel to penetrate markets worldwide.
"We are very pleased to have CTTV join Altira in funding the growth of Tubel Technologies. The Investors' knowledge and understanding of the oil and gas exploration and production business will create new opportunities and enhance Tubel Tech's ability to grow in the marketplace," commented Tubel Technologies president, Paul Tubel.
Tubel Technologies, Inc.
CONTACT: Paul Tubel of Tubel Technologies, +1-281-364-6030,paul.tubel@tubeltechnologies.com
Web site: http://www.tubeltechnologies.com/
Source: PRNewswire
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