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    Flotek updates on senior appointment, acquisition

    Flotek Industries Inc.

    Flotek Industries Inc. (NYSE: FTK) has appointed Amerr Mahgoub as vice president of Middle East business development. The company also reported that it has closed its acquisition of SiteLark LLC, a provider of quality reservoir engineering and modeling services for a variety of hydrocarbon applications.

    In his new role, Mahgoub will focus on development of new and existing markets for Flotek, including the development of markets served by the Flotek-Gulf Energy joint venture based in the Sultanate of Oman and the company's relationship with Saudi Aramco.

    Mahgoub is a 25-year oilfield veteran, two decades of which have been spent in the Middle East and Africa. Upon completing his petroleum engineering degree at Louisiana Tech University, he joined Schlumberger as a field engineer. He remained with Schlumberger his entire career, assuming greater responsibility over time concluding his tenure as a key relationship manager between Schlumberger and Saudi Aramco.

    Mahgoub will be based in Saudi Arabia and will spend considerable time in Oman as Flotek continues the development of its joint venture with Tasneea and Gulf Energy.

    Regarding the acquisition, SiteLark develops innovative solutions to extract information from available data to enrich reservoir simulation models; builds predictive models for unconventional gas; and performs engineering studies related to fluid characterization, material balance, decline curves, and pressure transient analysis.

    SiteLark also provides proprietary software solutions for the petroleum industry which assists engineers with reservoir simulation, reservoir engineering, and waterflood optimization. Additionally, the acquired company provides engineering services for enhanced oil recovery (EOR) projects and serves as a provider of in-depth modeling and evaluation services for Eclipse IOR Services (EOGA), a wholly owned subsidiary of Flotek.

    Flotek provided $0.6 million in total consideration for the acquisition, which is effective April 1.

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