HOUSTON, TX - March 8, 2018 - Vere Technology LLC ("Veretek" or the "Company") is pleased to announce that it has received a significant growth capital investment to support the continued technological and commercial advancements of its revolutionary V-Pump™ technology used in the artificial lift and production sector of the oil & gas industry. The capital investment was contributed by Saudi Aramco Energy Ventures, the corporate venturing subsidiary of Saudi Arabia's national oil company, and Pelican Energy Partners, a Houston-based private equity fund specializing in strategic investments in high-growth potential energy service and equipment companies with sustained earnings outlooks.
"The vast majority of the artificial lift solutions available in the market today were not designed to pump the high sand concentrations and gas slugs common in today's oil wells. The centrifugal style conventional electric submersible pump (ESP) largely hasn't changed in more than a century and, therefore, cannot meet the multiphase needs of these wells. The V-Pump's helico-axial, patented pump design is a true multiphase pump (MSP), which has been stress tested and commercially proven to handle significantly more sand, gas and heavy oil than conventional ESPs. By addressing this critical problem and simultaneously increasing a pump's operating range, the V-Pump reduces the operator's total cost of production by reducing shut downs, increasing pump efficiency and extending runtimes," said Greg Hottle, CEO of Veretek.
About Vere Technology LLC ("Veretek")
Headquartered in Stafford, TX with additional locations in Midland, TX and Minot, ND, Veretek designs, engineers, sells and services the V-Pump™, a patented, helico-axial pump used in the production of oil and gas. The V-Pump™ is able to handle significantly greater volumes of sand and other solids as well as gas and heavy oil because it uses a physically different hydraulic mechanism than centrifugal ESPs or any other pumping system. Veretek has successfully completed more than 150 V-Pump™ installations throughout the US, Canada and Colombia. For more information about Veretek, visit www.veretek.com.
About Pelican Energy Partners LP ("Pelican")
Founded in 2011, Pelican Energy Partners is a highly specialized private equity firm based in Houston, TX. The team is led by a group of experienced energy service professionals focused on making investments in energy services and manufacturing companies. Pelican makes strategic investments in small to middle-market, high growth potential energy service and equipment companies with sustained earnings outlooks. The firm has raised $563 million of committed capital and is investing out of its third fund. For more information about Pelican, visit www.pelicanenergypartners.com.
About Saudi Aramco Energy Ventures LLC ("SAEV")
SAEV is the corporate venturing subsidiary of the Saudi Arabian Oil Company (Saudi Aramco), the world's leading fully integrated energy and petrochemical enterprise. Headquartered in Dhahran with offices in North America and Europe, SAEV's mission is to invest globally in start-ups and high growth companies with technologies of strategic importance to its parent, Saudi Aramco. For more information about SAEV, visit www.saev.com.