By Jeff Foster
CEO & President, MicroSeismic, Inc.
2014 was a huge development year in the oil and gas industry in the area of unconventional resources. This year was marked by improved efficiency, breakthrough technology and dramatic change. At MicroSeismic, Inc. (MSI) we also focused on efficiency and breakthrough technology. In 2014, we expanded our offerings to help our clients maximize asset value through real-time completions optimization. Whether avoiding a geo-hazard while monitoring a stimulation or improving a frac design in real time, the result for our trusted partners was a higher return on investment. Let’s review key highlights from the year:
- Reaching one million hours without a lost time incident
- Commercializing FracRxTM and PermIndexTM to advance our completions optimization in real-time
- Completing the company’s first acquisition – the asset purchase of downhole microseismic equipment from Reservoir Imaging, Inc.
- Commercializing a differentiated method of downhole processing through PSET® Downhole
- Conducting four simultaneous real-time jobs under one BuriedArray® without sacrificing quality (22 wells, 445 stages, 1,202 pump hours, and 89 real time monitoring days)
- Building a multi-disciplinary team including geomechanical, reservoir engineering, completions engineering, seismology, geophysical, and business expertise
- Launching a new strategy to take the company to the next level – driving from descriptive results to prescriptive solutions
- Contributing to a “Better Frac, Better World” through advancing microseismic technology and participating in volunteering events for Habitat for Humanity, JDRF, Ronald McDonald House, and the SEG Foundation
- Fitting nearly 20 under privileged children with hearing aids and helping to drastically improve their quality of life through our Gift of Hearing Program
- Growing international business through a joint service partnership in Argentina and conducting real time operations in the Australian outback
- Successfully delivering a combined surface and downhole imaging project for a client that highlighted the project in its quarterly investor report
As the holidays approach, we celebrate the successes we’ve had as a company in 2014. MSI stands firm on these accomplishments which serve as a strong foundation in this challenging commodity price environment. I thank our employees for their hard work and commitment to safety and service quality, as well as our loyal clients who help us continue to drive the message around microseismic and the enormous benefits it brings with it.