Cold Bore Technology Inc., a leader in completion optimization technology, said June 30 that company co-founder and president, Brett Chell has assumed the role of CEO.
Former CEO, Blair Layton, has moved to the role of CFO.
Cold Bore has experienced significant demand for its SmartPAD completions operating system in the U.S. market over the last 18 months. Its technology delivers real-time, sensor-driven tracking of ultra-high-resolution fracking operations data with analytics. It is currently deployed with over 50% of the top 10 U.S.-based oil and natural gas producers.
“I’m very excited to further solidify our position in the U.S. market and take full advantage of the incredible momentum we’ve built there over the past 12 months,” Brett Chell, president and CEO, Cold Bore, said. “Blair has done an exceptional job up to now and we will continue to work together closely as we execute on our aggressive growth strategy.”
The deal would create the largest pure-play northern Midland Basin E&P with a 73,000-net-acre position and 12,000 boe/d of production that is expected to more than double through 2020.
The Anadarko Basin’s Simpson shale formation is being called “one of the biggest yet-to-be-developed shale plays in the United States.”
Real-time method reduces low-frequency distortion in seismic vibrators.