19 February, 2015 (Laramie, Wyoming) – WellDog announced today that it has received equity investment from Shell Technology Ventures (“STV”). The investment establishes a small minority stake in WellDog for STV.
“WellDog has enjoyed a long, positive relationship with Shell,” said WellDog president and CEO John M. Pope, Ph.D. “We are impressed with STV’s focus and value-add, and of course they are one of the most sophisticated investment groups in the industry. We look forward to continuing our multifaceted collaboration with Shell directed at bringing key technical solutions to market to improve industry sustainability for the foreseeable future.”
The investment follows recent announcement of a multi-year collaboration between WellDog and Shell to adapt WellDog’s proprietary downhole gas sensing technology to locating sweet spots in shales in order to reduce shale production costs and increase the economic competitiveness of operators. That collaboration resulted in launch of a new shale gas and oil sweet spot service into beta trials.
WellDog also designs and installs downhole pressure sensing systems that provide critical information for reducing shale oil production costs. Industry demand for those systems has increased significantly during the recent downturn in oil prices. The STV investment will also support continued growth in that business.