SOURCE: Flotek Industries, Inc.

September 20, 2005 06:00 ET

Flotek Industries Signs Exclusive Agreement for Petrovalve Production Valves

HOUSTON, TX -- (MARKET WIRE) -- September 20, 2005 -- Petrovalve Inc., a subsidiary of Flotek Industries, Inc. (AMEX: FTK), signed an agreement with Don-Nan Pump and Supply located in Midland, Texas. Don-Nan will have the exclusive right to install the patented Petrovalve Plus and Gas Breaker valve products in their rod pumps. Don-Nan manufactures and markets quality downhole sucker rod pumps to the oil and gas production industry.

Don-Nan will begin installing the Petrovalve Plus and Gas Breaker valve products in their sucker rod pumps, providing oil and gas producers a unique rod pumping system in terms of efficiency and performance. The patented guided design of the Petrovalve allows the pump chamber to completely fill on every up-stroke of the pumping unit, regardless of pump position in the well. The ability to fill completely in both the vertical and horizontal position provides a distinct advantage in pump placement in deviated and horizontal wells.

Don-Nan Pump & Supply Company (www.don-nan.com) was founded by Vernon Carruth in 1962 and currently operates in nine locations within Texas, Colorado, Wyoming, and New Mexico. Current operations include manufacturing and machining capability (Midland) along with sucker rod pump repair and sales.

Chairman and CEO, Jerry D. Dumas, Sr. remarked, "This is another step in our mission to provide our customers improved artificial lift solutions to enhance production."

Flotek is a publicly traded company involved in the manufacturing and marketing of innovative specialty chemicals, downhole drilling and production equipment, and management of automated bulk material handling, loading and blending facilities. It serves major and independent companies in the domestic and international oilfield service industry.

Statements made in this press release, including those relating to the positive direction of the Company, and increased revenue base, are forward looking and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties, which may cause results to differ materially from those set forth in these statements. Other factors identified in the Company's filings with the Securities and Exchange Commission could also affect the forward-looking statements contained in this press release.

For product information and additional information on the Company, please visit Flotek's web site at http://www.flotekind.com.

Contact Information

  • CONTACT:
    Flotek Industries, Inc.
    Rosalie Melia
    Corporate Secretary
    713.849.9911