Cold Bore Technology Inc. will initiate beta testing of its latest software product ‘Frac Action’ with select operators in the coming days, the software company backed by brothers Daniel, Toby and Derek Rice said May 26.
Developed in-house, Frac Action is a graphing software that builds upon Cold Bore’s patented SmartPAD operating system.
“Frac is the most expensive but also the most effective way to increase wellbore production and because of that, producers need better tools to optimize their fracking operations,” Brett Chell, president of Calgary, Alberta-based Cold Bore, said in a statement.
The Frac Action software has been in active research and development for over six months by Cold Bore’s Houston-based digital team. The software, which Cold Bore said allows frac operators to overlay high resolution, real-time stage frac data onto that of multiple previous stages for the first time, is expected to see full commercial deployment within the coming months.
“Our new Frac Action software has been specifically developed to give producers another level of transparency,” Chell continued in his statement. “It provides real-time insight that can help them make better, more informed decisions making operations safer, more efficient and more profitable.”
Cold Bore Technology is supported by funding from Rice Investment Group (RIG), which is a $200 million multi-strategy fund formed in 2018 by Daniel, Toby and Derek Rice. In September 2019, RIG upped its investment in Cold Bore through a second round of strategic growth funding.
A new motor helps increase power and performance to complete longer laterals faster and with greater control.
Democratic candidate Joe Biden has stated that he does not want to ban fracking outright. However, his climate plan includes banning new oil and gas permits on public lands
Compelling returns at $50 WTI portend bright supply picture.