HOUSTON, TX and CALGARY, AB, April 16 /CNW/ - Production Enhancement
Group, Inc. (TSX: WIS) ("PEG" or the "Company") announced today that it has
signed a contract establishing a joint venture with Al Qahtani Maritime & Oil
Field Services Co. The joint venture company, named Abdul Hadi Al Qahtani WISE
Co., Ltd., will market PEG's patented WISE multifunction coil tubing
technology on an exclusive basis in the Middle East, beginning in Saudi Arabia
with future expansion opportunities throughout the region. All sales,
operations, and support will be conducted under PEG's trademarked WISE brand
The joint venture, 60% owned by Al Qahtani Maritime and 40% owned by PEG,
will immediately begin constructing three WISE multifunction well intervention
units, which will be deployed offshore. PEG will build the units in the U.S.
and will custom-configure them using the latest WISE technology, including
site-generated nitrogen capability.
Philip Crawford, PEG's Chief Executive Officer, said: "Less than one year
after our initial public offering, we have become an international company
through our joint venture with Al Qahtani, a well established and highly
respected Saudi Arabian services company. We believe our WISE multifunction
coiled tubing technology offers significant benefits for both offshore and
land operations in this region."
Sheik Khaled Al Qahtani, Vice Chairman of Al Qahtani Sons Group, stated:
"We are pleased to join with Production Enhancement Group to introduce WISE
multifunction coiled tubing technology to oil and gas producers in the region.
The compact, lightweight WISE units will make it feasible to service thousands
of offshore wells using small or medium-size lift boats."
Patented WISE multifunction technology uses a single engine and
proprietary power management to operate several integrated well intervention
functions, including coiled tubing, nitrogen, and fluid pumping, significantly
reducing the amount of equipment, the crew size, and job duration compared
with conventional coiled tubing systems. A WISE well offshore intervention
unit typically occupies 60% less deck area, weighs 60% less, and requires only
half the personnel needed for competitive coiled tubing systems.
About Production Enhancement Group
Production Enhancement Group, a Houston-based energy services company
incorporated in Alberta, Canada, trades on the TSX under the symbol WIS. PEG's
wholly owned subsidiary, WISE Well Intervention Services, Inc., developed
patented WISE(TM) multifunction coiled tubing technologies and markets a full
range of coiled tubing and pressure pumping services.
WISE is a trademark of Production Enhancement Group, Inc.
About Al Qahtani Maritime & Oil Field Services Co.
Al Qahtani Maritime & Oil Field Services Co. is a subsidiary of the
Abdulhadi A Al Qahtani Sons Group, Dammam, Kingdom of Saudi Arabia. The
company covers a full scope of services including state-of-the-art technology
for the oil industry, onshore or offshore drilling, and equipment or turnkey
projects in the oil and gas sectors.
The TSX does not accept responsibility for the adequacy or accuracy of
This release and PEG's website referenced in this release contain
forward-looking statements, including expectations of future components of
cash flow and earnings. Investors are cautioned that assumptions used in the
preparation of such information may prove to be incorrect. Events or
circumstances may cause actual results to differ materially from those
predicted, a result of numerous known and unknown risks, uncertainties, and
other factors, many of which are beyond the control of PEG. These risks
include, but are not limited to the risks associated with the oil and gas
industry, commodity prices, and exchange rate changes. Industry related risks
could include, but are not limited to operational risks in exploration,
development, and production, delays or changes in plans, and health and safety
risks, including, without limitation, costs and expenses. The risks outlined
above should not be construed as exhaustive. Investors are cautioned not to
place undue reliance on any forward-looking information. PEG undertakes no
obligation to update or revise any forward-looking statements.
For further information:
For further information: visit www.productionenhancement.com or contact:
Chester J. Jachimiec, EVP, Finance & Acquisitions, Production Enhancement
Group, Inc., (281) 282-1812, firstname.lastname@example.org; Ken
Wetherell, Investor Relations, Iradesso Communications Corp., (403) 503-0144