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Spectraseis Announces Technical and Commercial Milestones
March 16, 2012, HOUSTON. Spectraseis, a technology leader in microseismic fracture monitoring and stimulation evaluation, today announced the achievement of important technical and commercial milestones, which have positioned the company for exceptional growth in 2012.
These include the successful delivery of fracture monitoring results with the company's new high-sensitivity, three-component (3-C) surface and borehole microseismic arrays in the US and Canada; the launch of the ULTRA industry consortium to advance microseismic fracture monitoring technologies; Spectraseis' 70 patent filing; and the appointment of Simmons & Company as strategic advisor.
Spectraseis reported the successful completion of multiple fracture monitoring surveys in the fourth quarter of 2011 and the first quarter of 2012 using its new microseismic recording arrays and elastic wave equation imaging techniques.
The monitoring programs, covering five North America plays including the Montney, Wolfcamp, and Woodford, encompassed both surface and borehole data acquisition and proved the importance of full-wave recordings.
Spectraseis' analysis of the monitoring data delivered a number of advances in microseismic technology applications, including the following key findings:
High-resolution borehole microseismic data from Spectraseis' borehole array delivered to Canada's MIC consortium - a microseismic research partnership hosted by the University of Calgary and the University of Alberta - revealed long-period, long-duration microseismic events that were the primary goal of the project. Spectraseis' high-sensitivity recording equipment extended the range of detected microseismic events by 2-3 times, and resulted in 3-4 times the number of detected events compared with conventional borehole microseismic instruments.
In addition, Spectrasies reported a strong backlog of monitoring projects and a high utilization of equipment projected through Q4 2012, including a recently awarded $4 million surface survey for a major North American customer, the company's third contract with this customer.
Spectraseis plans to double the size of its equipment fleet in 2012 and has added high-sensitivity shallow borehole arrays in response to customer demand for sub-surface monitoring arrays that do not require the drilling of a deep observation well.
, said:
Spectraseis has also announced the launch and first members in the ULTRA joint industry consortium to advance microseismic fracture monitoring technologies for operators in unconventional oil & gas plays.
The ULTRA partnership (ULTRA stands for ) will increase the utility of microseismic data for unconventional resource development by addressing high-value technical questions through collaboration with leading operators and researchers. The two-year program will provide its members with new tools and software for more accurate fluid flow predictions from fracture completions and data standards for increasing the value of microseismic data.
Consortium members will have direct access to leading-edge fracture monitoring technologies and improve their understanding of microseismic monitoring applications. Delivery of new workflows, from data acquisition through reservoir simulation, and best practices for managing microseismic data are part of the package for members.
The initial partners in the two-year consortium include Chevron, researchers at the Colorado School of Mines, and Calgary-based reservoir modeling specialists Computer Modelling Group. Several other announcements are pending.
For more information on ULTRA see: http://www.spectraseis.com/partnerships/ultra/
In addition, Spectraseis announced the filing of its 70 patent application covering key geosciences technologies for microseismic fracture monitoring, stimulation evaluation and reservoir fluid system monitoring.
One of five recent applications in Canada, the latest patent " " is one of several methods used to pinpoint microseismic event locations with a high degree of accuracy and to directly image the events' radiation patterns.
The company's portfolio of issued and pending patents, derived from more than nine years of research and development by Spectraseis and its partners, consists of three main patent families:
Of particular interest to operators in unconventional plays are the TRI methods, which deliver rich fracture characterization and more reliable event positions through full elastic migration of microseismic data. TRI allows direct retrieval of a fracture event's moment tensor, providing a more accurate understanding of fracture direction and connectivity compared with conventional microseismic processing techniques.
For customers this means more dependable and accurate fracture monitoring and stimulation evaluation from the surface or downhole arrays.
, said:
Spectraseis accelerates full elastic wave-equation imaging with proprietary algorithms and techniques to get the most out of the latest NVIDIA Fermi GPU's. More than an order of magnitude speed-up compared to CPU implementations provides faster turnaround times and more iterations for deep analysis of microseismic datasets.
This investment has allowed Spectraseis to overcome past computational barriers and deliver high-quality elastic wave-equation imaging of microseismic data to its customers within commercial timeframes.
In response to the high demand for the company's technology and services, Spectraseis has appointed the energy specialist investment bank Simmons & Company International (SCIL) to advise on strategic options to position the company for continued strong growth.
, said:
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Spectraseis is the technology leader in microseismic fracture monitoring and stimulation evaluation. We provide services to many of the world's leading E&P firms, including a growing customer base among North American unconventional resource operators.
Spectraseis provides a competitive advantage to its customers through cutting-edge innovations in surface and borehole passive seismic monitoring, data processing and imaging.
The company's key technologies include its (TM) high-sensitivity broadband surface and borehole arrays, advanced wave equation based imaging using high speed GPU computing, and ambient wavefield characterization methods for post-frac reservoir fluid system evaluation. Spectraseis' IP portfolio includes more than 70 issued and pending patents covering key geosciences technologies.
Established in 2004, Spectraseis has principle offices in Houston, Denver and Calgary. Our major shareholders include the private equity firms Warburg Pincus and Statoil Technology Invest as well as Saudi Makamin, the Saudi Arabian oilfield services firm.
Further information about Spectraseis can be found at http://www.spectraseis.com
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For further information, contact:
Paul Fisher, Axiom Communications Management Ltd
+ 44 1285713776 (direct)
+ 44 7733224850 (cell)
pfisher@axiomcomms.com
Jim Thom, VP Sales and Business Development, Spectraseis
1900 West Loop South, Suite 1425
Houston TX 77027
+1 281 520 4016 (direct)
+1 832 528 5759 (cell)
jim.thom@spectraseis.com
Ross Newman, CEO, Spectraseis
1900 West Loop South, Suite 1425
Houston TX 77027
+1 281 520 4018 (direct)
+1 713 858 1393 (cell)
ross.newman@spectraseis.com
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