Cold Bore Technology Inc. will initiate beta testing of its latest software product ‘Frac Action’ with select operators in the coming days, the software company backed by brothers Daniel, Toby and Derek Rice said May 26.
Developed in-house, Frac Action is a graphing software that builds upon Cold Bore’s patented SmartPAD operating system.
“Frac is the most expensive but also the most effective way to increase wellbore production and because of that, producers need better tools to optimize their fracking operations,” Brett Chell, president of Calgary, Alberta-based Cold Bore, said in a statement.
The Frac Action software has been in active research and development for over six months by Cold Bore’s Houston-based digital team. The software, which Cold Bore said allows frac operators to overlay high resolution, real-time stage frac data onto that of multiple previous stages for the first time, is expected to see full commercial deployment within the coming months.
RELATED:
‘World’s First’ Digital Completions Tech Delivers Real-Time Results
“Our new Frac Action software has been specifically developed to give producers another level of transparency,” Chell continued in his statement. “It provides real-time insight that can help them make better, more informed decisions making operations safer, more efficient and more profitable.”
Cold Bore Technology is supported by funding from Rice Investment Group (RIG), which is a $200 million multi-strategy fund formed in 2018 by Daniel, Toby and Derek Rice. In September 2019, RIG upped its investment in Cold Bore through a second round of strategic growth funding.
Recommended Reading
Andium’s Thermal Methane Tech Takes Oilfield from Dark Age to Golden Future
2024-11-12 - Andium Founder and CEO Jory Schwach took the oilfield out of the dark ages of using carbon paper to monitor tank levels with his AI thermal camera. Now he foresees more growth after completing the company’s latest funding round.
Q&A: Making Midstream’s Case in DC
2024-11-08 - GPA Midstream Association President and CEO Sarah Miller spoke with Oil and Gas Investor on working with the industry’s needs and defending the sector in Washington, D.C.
RBAC: Environmental Pressures Undercutting the Global Gas Network
2024-10-10 - RBAC founder and energy economist Robert Brooks worries that environmental goals and pressures have taken a front seat at the expense of affordable energy access to countries such as Africa.
Mexico to Extend $6.7B to Cover Oil Producer Pemex's Debt in 2025
2024-11-15 - The Mexican government expects to transfer 136 billion pesos (US$6.69 billion) to state oil producer Pemex next year to help the heavily indebted firm meet its debt and loan repayments.
New US Solar Tariffs on Southeast Asia to Raise Prices, Cut Profit Margins
2024-12-02 - A new round of U.S. solar panel import tariffs on Southeast Asian producers is expected to raise consumer prices and cut into producer profit margins.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.