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[May 2002]
CARBO Ceramics Reaches Out for Pinnacle
Leading ceramic proppant manufacturer CARBO Ceramics Inc (Irving, TX, USA) says it has signed a definitive merger agreement to acquire Pinnacle Technologies Inc. Pinnacle is said to be the world's leading provider of gas and oil fracture diagnostic services, provides fracture mapping services, sells the most widely used fracture simulation model in the world and is a leader in providing fracture design services to oil and gas companies world-wide. Its revenues in 2001 were US$9.4 million.Mark Pearson, President and CEO of CARBO Ceramics, commented: "The more that producers of oil and gas understand about the process of hydraulic fracturing, the more willing they are to make the necessary investment in high-quality, high-conductivity ceramic proppants in order to maximize hydrocarbon recovery. The services provided by Pinnacle clearly demonstrate the complexity of hydraulic fracturing and the need to maximize the effectiveness of this important step in the development of oil and gas reservoirs".
ENDS