News - January 22, 2020
Cold Bore Technology Featured on North American Shale Magazine
Cold Bore Technology was recently featured on North American Shale Magazine article - Well Spacing Watch under Going Digital With Sensors.
Investors are on-board with other forms of digitized, sensor-based, data-based oilfield technology. Rice Investment Group provided Calgary-based Cold Bore Technology Inc. with a second round of strategic funding in 2019 to help the company further its work with completion optimization technology. The company has created what it calls SmartPad, a technology that relies on a combination of valve positioning and pressure monitoring sensors, field data collection systems and proprietary software. The goal is to fully digitize completion operations. During a six month period in 2019, Cold Bore signed several contacts for its SmartPad system, including six contracts with major Permian producers. Derek Rice, partner at Rice Investment Group, helped explain the rise of investments in companies like Cold Bore. “The E&P business model is shifting from production growth to delivering sustainable shareholder returns through efficient resource development,” he said. “An operator’s completion activity typically accounts for over 70 percent of its capital budget and can be a source of dramatic cost reduction with the right digital solutions.” Read More