SinoTech Upgrades LHD Service Capacity With Four New LHD Units
29 Luglio 2011 - 12:00PM
SinoTech Energy Limited (Nasdaq:CTE) ("SinoTech"), a fast-growing
provider of enhanced oil recovery ("EOR") services in China, today
announced that it has taken delivery of four new lateral hydraulic
drilling ("LHD") units.
The new units employ the latest generation of LHD technology,
which SinoTech expects will enable further improvement in the
productivity of its LHD services. The units will go in operation in
northern and central China in early August.
"In response to very strong demand from China's oil producers
for SinoTech's proven and effective LHD services we have
successfully doubled the size of our LHD fleet in less than a
year," said Mr. Guoqiang Xin, CEO of SinoTech. "With four new LHD
units going into the field in early August, we have already
achieved our previously stated target of having 16 units in
operation by the end of September 2011. This expansion has been a
key driver of SinoTech's very robust top and bottom line growth in
recent quarters, and we expect to add further units in the coming
quarters."
SinoTech is the world's largest provider of LHD services, with
16 LHD units in operation across China. The Company holds the
exclusive rights to use LHD technology and equipment in China. LHD
increases the output of crude oil or coalbed methane gas from
existing vertical wells by using a high-pressure water jet to drill
horizontal holes in multiple directions from the well to
surrounding reservoirs, thereby increasing the flow of oil or gas.
SinoTech's LHD units are self-contained, truck-mounted mobile
facilities that can be driven directly to customers' oil or gas
wells.
In addition to LHD, SinoTech offers an EOR solution that
utilizes a molecular deposition film ("MDF") technology for which
the Company holds a PRC patent. SinoTech's MDF technology increases
oil output from mature wells by displacing the residual oil that
adheres to sedimentary rock or sand in oil reservoirs.
About SinoTech Energy Limited
SinoTech Energy Limited (Nasdaq:CTE) ("SinoTech") is a
fast-growing provider of enhanced oil recovery ("EOR") services in
China. SinoTech provides innovative EOR services to major oil
companies in China using leading edge technologies, including
certain patented lateral hydraulic drilling ("LHD") technologies,
which the Company has an exclusive right to use in China, and a
molecular deposition film technology, for which the Company holds a
PRC patent. SinoTech also provides technical services to coalbed
methane customers using the LHD technology.
For more information, please
visit http://ir.sinotechenergy.com.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact in this press release are forward-looking
statements, including but not limited to, SinoTech's goals and
strategies, its future business development, growth of its
operations, financial condition and results of operations, its
ability to introduce successful new services and attract new
clients, growth of the EOR services market in China and worldwide,
its beliefs regarding its strengths and strategies, changes in the
oil services industry in China, including changes in the policies
and regulations of the PRC government governing the oil services
industry, its access to current or future financing arrangements,
and fluctuations in general economic and business conditions in
China, and other risks and uncertainties disclosed in SinoTech's
filings with the Securities and Exchange Commission. These
forward-looking statements involve known and unknown risks and
uncertainties and are based on information available to SinoTech's
management as of the date hereof and on its current expectations,
assumptions, estimates and projections about SinoTech and the oil
and gas industry. Actual results may differ materially from the
anticipated results because of such and other risks and
uncertainties. SinoTech undertakes no obligation to update
forward-looking statements to reflect subsequent events or
circumstances, or changes in its expectations, assumptions,
estimates and projections except as may be required by law.
CONTACT: Investor and media inquiries:
Ms. Rebecca Guo
SinoTech Energy Limited, Beijing
+ 86-10-8712-5567
rebecca.guo@sinotechenergy.com
Brunswick Group LLP
Ms. Yue Yu
+86-10-6566-2256
sinotech@brunswickgroup.com
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