Integrated Environmental Technologies, Ltd. (IET) has entered into a master service agreement with EP Energy Corp., a Fortune 2000 independent exploration and production company based in Houston.
Under the terms of the agreement, IET will provide Excelyte well maintenance treatments on EP’s oil and gas wells in the United States.
The agreement was the result of six months of Excelyte testing by EP during which Excelyte well maintenance treatments were done on four EP test wells in the Uinta Basin. Test results indicated Excelyte was an effective biocide and hydrogen sulfide eliminator as well as being less expensive than comparable products.
Talks and testing are taking place now in hopes that EP can expand Excelyte well maintenance treatments to additional EP oil wells in the Uinta Basin.
"Over the past six months, we have worked closely with EP in the development of our relationship," David LaVance, the company’s president and CEO, said. “EP, like our other customers, carefully reviewed the data from the test wells and compared the Excelyte results to other products before committing to a supply relationship. The resulting findings that Excelyte is effective and provides cost advantages to the producer are the key to our gaining traction in a marketplace that is now focused on reducing operating expenses and gaining production efficiencies. We continue to work on the expansion of our production footprint in both South and West Texas and believe that Excelyte oil well maintenance treatments in the Uinta, Permian and Western Gulf Basins represent an annual market opportunity in excess of $350 million.”