FORT WORTH, Texas (October 9, 2017) – GEODynamics Inc. announced it finalized payments of all future royalties to QinetiQ Group, PLC toward the portfolio of US and International patents related to reactive oil and gas well perforating. GEODynamics now owns its entire reactive portfolio unencumbered.
GEODynamics markets their reactive perforating product line under the CONNEX brand. CONNEX reactive perforating was introduced by GEODynamics in 2007. The technology has continued to prove its effectiveness in communicating with reservoirs, both conventional and unconventional. This transaction is expected to increase the prominence of reactive technologies for the oil field, and make way for a widespread increase in the number of products offering the benefits of GEODynamics’ reactive perforating.
David S. Wesson, P.E., GEODynamics’ CEO, was pleased to have the transaction completed. Wesson stated, "Reactive perforating IP licensing has been a complex issue for us. We are glad to have this IP under our sole management and look forward to continuing the deployment of the most effective perforating solutions in the industry."
Addressing the complex nature of providing reactive technologies, Nathan Clark, COO, reflected on the evolution of the technology, "We have spent the past 13 years developing the products, processes and evaluation facilities to fully understand this technology's effect on the perforating event and its value to connect to the reservoir. Our investment has been significant historically, and the closing of this transaction reinforces our commitment to reactive perforating."
Encouraged about the implication on new product development and future improvements to the IP, John Hardesty, P.E., Vice President Engineering and Product Development said, "Completing this transaction allows us to be even more aggressive with regards to utilizing reactive components in a wider range of products to respond to our customer’s challenges and to fulfill our primary mission in helping operators complete more profitable wells."