Toronto oil well enhancement firm eying India deal
Falconridge Oil Technologies Corp. has signed a letter of intent to sell and service its technology in India
RICHMOND HILL, Ont.—Oil and gas technology company Falconridge Oil Technologies Corp. has signed a letter of intent with Tubestar Oil and Gas Services Pvt. Ltd. of India to represent and deploy Falconridge’s Terra slicing technology(TST) well enhancement and oil recovery technology.
TST is an alternative to traditional hydraulic fracturing, commonly used on existing low producing wells
Falconridge will work with Tubestar to assess the Indian market for potential deployment of TST. If a definitive agreement is reached, Falconridge will grant rights to Tubestar for marketing, representation, and deployment of TST to their clients. Under the proposed agreement, Tubestar will target major oil and gas assets within their service range for targeted deployment of TST.
“The recent change in oil prices has created a very high demand to maximize current and existing assets over the risk and cost associated with exploration and the deployment of new assets,” stated Mark Pellicane, president of Falconridge.
Falconridge Oil Technologies Corp. is an emerging Canadian-based oil and gas company focused on licensing, developing, and deploying technologies to enable operators to economically increase production levels, expand known oil and gas reserves, and reduce environmental impact.
Tubestar services the oil and gas industry with its head office in India and international service offices with deployment capability in India, Saudi Arabia, United Arab Emirates, and Ghana.