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VERETEK IS PLEASED TO ANNOUNCE A RECORD SALES QUARTER IN Q3 2019 AND HAS NOW SUCCESSFULLY RUN AND COMPLETED MORE THAN 350 V-PUMP INSTALLATIONS.

By October 25, 2018 July 23rd, 2020 No Comments

HOUSTON – October, 2019 – PRNewswire — Veretek’s flagship product, the V-Pump, is a patented, contra-helical screw pump that is stress tested and commercially proven to handle significantly more sand, gas and heavy oil than conventional electric submersible pumps (“ESPs”). The V-Pump is ideally suited for wells with high sand concentrations and gas slugs which are commonly seen in both US shale and conventional oil wells. The V-Pump’s improved run-time and reliability have continued to drive customer adoption in the continental US, where Veretek has been focused, Latin America and the Middle East, with interest growing globally.

“Many of the artificial lift solutions available in the market today were not designed to pump the high sand concentrations and gas slugs common in today’s oil wells. Centrifugal ESPs use an antiquated design that hasn’t changed materially in more than a hundred years and forces production fluids to take a complicated and tortuous flow path. Demand for a sand and gas tolerant ESP has increased significantly with the advent of US unconventional oil wells and increasing completion intensity,” said Greg Hottle, CEO of Veretek. “We are currently witnessing a substantial increase in customer interest and adoption due to the technological benefits and compelling economics of the V-Pump.”

“We are excited and proud of Veretek as the Company has continued to gain momentum and has already cemented a record year,” said Bill Chiles, Managing Partner of Pelican Energy Partners, former CEO and President of Bristow Group and Chairman of Veretek. “Veretek’s customers are increasingly adopting and standardizing on the V-Pump. These increased sales are predominantly driven by the V-Pump’s superior value proposition relative to centrifugal ESPs, which includes maximizing production time and minimizing operating expenses by mitigating the number of required well interventions.”