CALGARY, Alberta--(BUSINESS WIRE)--Global leader in completion optimization technology, Cold Bore Technology Inc. ("Cold Bore" or the "Company") today provided a corporate update and review of current business activities.
A statement from Cold Bore Technology President, Brett Chell:
"The Company has made significant progress on all strategic fronts during the course of this year, particularly in areas of business and product development. We have a sharp focus on expansion within the US and wider Southern American markets and believe we have assembled a strong and dynamic team of technical and sales specialists able to handle significant scale. We are well positioned to execute on our plans for continued expansion in the year to come and to solidify our position as the leading pureplay completions operating system in the market.
Cold Bore is also actively engaged in advanced discussions with multiple international industry organizations on potential strategic partnerships. These partnerships would enable us to align our platform with other complementary technologies already widely in use throughout the industry and quickly grow significant market share. We expect to make announcements on these developments in Q1 of 2020.”
Review of 2019 Milestones:
In July, 2019, Cold Bore centralized its leadership, development and technical teams, establishing a new 11,600 sq ft headquarters in Calgary, Alberta. The new location combines a fully equipped research and development lab, spacious warehousing, shipping/receiving facilities, and offices for all Canadian staff. All of Cold Bore’s research and development, as well as all the prototyping, diagnostics, and repairs are now done out of the facility. Cold Bore’s 24hr Real Time Operating Center (RTOC) is also located at the facility and monitors Cold Bore operations worldwide.
In September, 2019, Cold Bore announced an investment by Rice Investment Group. The financing represented the second from the notable US-based oil and gas strategy fund.
In October, 2019, Cold Bore appointed its 15th member of staff and 35th field tech specialist. The company now employs a rich body of talent across the United States and Canada including hardware and software development experts and field and data analytic specialists.
Also in October, 2019, Cold Bore announced results from SmartPAD installation on six pads located in Montney, Northern Alberta. During the initial deployment stage the Montney producer recorded a 25% increase in wireline runs, 10% decrease in wait times and a series of major safety enhancements. Read more here.
Cold Bore Product Development
In September, 2019, Cold Bore began field testing SmartPAD Edge. The updated hardware and software package enabled faster and larger-scale opportunities to use completion data in real-time.
In November, 2019, coming as a result of close collaboration with several leading producers, Cold Bore initiated the latest in a line of key product iterations adding a number of new analytics visuals to its platform in order to help operators better utilize and take action on precision field data.
In December, 2019, Cold Bore assembled a team of inhouse and third-party specialists to carry out a full review of its hardware. The proactive initiative was implemented prior to the manufacture of its next generation of field equipment in order to identify any areas where the technology can be further refined for both operators and technicians, its onsite footprint reduced, functionality improved, etc.
Client Activations/Field Deployments
Cold Bore’s SmartPAD technology is currently in operation with over 20 major producers across North America and these operations have delivered a 100% revenue increase year on year.
Six new SmartPAD clients initiated and maintained deployment during 2019. With another eight set to deploy in the first three months of 2020.
A Look Ahead to 2020
Having gained increasing industry profile during 2019 and a strong market foothold, 2020 will see Cold Bore look to further expand operations within the US and Canadian markets as well as exporting its technologies to new territories including South America.
In January, 2020, Cold Bore will ship its first equipment to Argentina for deployments set to commence in March.
January 2020 will see operations begin with two new clients stationed in the Permian with a further deployment in the area set to go live in February.
In order to meet industry demand for Cold Bore’s SmartPAD, the Company is anticipating doubling both its personnel and technology inventory in the first six months of 2020.
About Cold Bore Technology
Cold Bore Technology Inc. ("Cold Bore") is a global leader in completion optimization software, developing the first Remote Completions Operating System through Cold Bore's SmartPAD™ service.
For more information, please visit https://www.coldboretechnology.com/
