Seismos, Inc., a technology provider for the oil and gas industry offering real-time frac treatment and frac performance evaluation, has secured a USD 10.5 million equity financing led by Quantum Energy Partners with follow-on participation from Javelin Venture Partners, Osage University Partners, ATP fund, Hicks Oilfield and other existing investors. The financing will support the company’s growth and future product development.
Seismos’ product, Seismos-Frac™, allows frac engineers to dynamically adjust and optimise their treatment operations; maximising future production and ROI. The technology provides a real-time picture of the created fracture network, a robust understanding of its geometry and characteristics and its ultimate ability to flow-back hydrocarbons into the wellbore – all without putting any equipment downhole. The technology has already provided valuable insight for thousands of stages across various US shale plays including the Permian Basin, Eagle Ford Trend, Austin Chalk formation, Haynesville/Bossier Shale and the DJ Basin.
“Unlocking real-time fracture measurements allows exploration and production companies to customize stage treatment designs on-the-fly based on direct feedback from the fractures being created, quantify the impact of each stimulation variable to the properties of the fracture system developed, compensate for variations in geology, avoid frac-hits and optimize well spacing and field development,” explains Panos Adamopoulos, CEO and founder, Seismos. “Our success is solely a function of customers increasing their hydrocarbon production at less cost. Our technology is not about incremental improvements, but about transforming the production profile,” he concludes.
Jeffrey Harris, venture partner at Quantum Energy Partners, says, “We were impressed by the creativity and effectiveness of Seismos’ technologies and leadership team. The underlying patented technology was developed in collaboration with Stanford University faculty members and has proven to be tremendously effective for the initial users, including several of Quantum’s current portfolio companies. The increasing number of exploration and production companies repeatedly using Seismos’ technology supports the need for additional resources to meet growing market demand.”