The following is a guest blog prepared by Brett Chell of Cold Bore Technology, the first-place winner in the Venture Stream category of the Energy New Venture Competition hosted by the Haskayne School of Business Hunter Centre for Entrepreneurship and Innovation at the University of Calgary on February 28, 2017. GLJ’s Executive Vice President and Chief Strategy Officer, Caralyn Bennett, participated at the competition as a judge and is excited to have Brett share some details about Cold Bore Technology with industry:
“GLJ was thrilled to be invited to participate in this early-stage pitch competition, dedicated to the advancement of innovation and technology within the energy sector. Brett’s description of the recent commercialization of Cold Bore’s technology generated palpable excitement at the competition and GLJ wishes the venture continued success.”
Fracking is a modern industry that has grown to roughly 50% of drilling operations in the past two decades. While this rapidly expanding market reflects quick adoption of technology, it does not necessarily reflect the adoption of best practices. Our technology at Cold Bore provides oil and gas companies a real-time cause and effect view of their field operations. Deployed during fracking operations, our downhole sensors and sensor-mapped view of the location surface have saved E&P companies time and money by identifying subsurface events and troubleshooting unexpected occurrences. Our technology ensures that operators are equipped with unprecedented real-time visibility downhole.
Cold Bore Technology is a data acquisition service specializing in digital downhole acoustic monitoring, the digitization of the surface frack spread, and digital adjacent well monitoring. We create actionable completions data shareable in real-time to all of our clients on location, in the field and at head office, whether in Calgary, Grand Prairie, Houston, or elsewhere.
A recent case study performed for a client across a series of jobs found cost savings of $300,000 through a combination of time savings and event identification. Cold Bore technology is able to identify events and prevent wasted time and materials across all frack stages. Our technology ensures that our clients are witnessing proper ball seats and port shifts, identifying issues within the wellbore that are creating challenges during the frack.
While our company is in its early stages, we are fully operational with commercial clients. Cold Bore has been selling its product since roughly mid 2016, adding clients every quarter. We forecast an average of 14.6 jobs per day for 2017.
Cold Bore Technology is poised to revolutionize completions operations within the oil and gas industry with actionable real-time data. Are you ready to say goodbye to the past and hello to the future?