News & Press Releases
Zedi Inc. Announces Success in Russian FederationCALGARY, ALBERTA – (Marketwire – April 29, 2010) – Zedi Inc. (“Zedi” or the “Company”) (TSX VENTURE: ZED) announced today a successful sale following a field trial in the Russian Federation, using Zedi’s Smart-Skid™ technology, with a major Russian oil and gas producer. “I am very excited about this announcement. This milestone is a significant achievement in our international strategy as we prove the value of our solutions for major producers in foreign geographies and as we recognize revenue from outside North America,” says Matthew Heffernan, President and CEO of Zedi.
The trial, run over an 18 month period, was conducted under remote harsh arctic conditions with temperatures as low as -50C. The Smart-Skids were specifically designed to address operational problems such as liquids loading and to eliminate the need to blow wells to atmosphere. The Smart Skid not only met the operational objectives but established the economic effectiveness of the solution, which was confirmed for the client by an independent third party analysis. In the course of the trial, Zedi obtained the stringent Rostechnadzor permit and GOST –R certification for its Smart-Skid technology, both of which are key to further penetration of the Russian market. As a result of the success of the trial, a purchase agreement has been executed with Zedi and its partners for the purchase of the skid units in the amount of $1,046,000. Zedi is continuing now to discuss the broader application of the technical solution to address similar problems in the client’s significant well inventory.
The technology responsible for the successful performance during the Russian trial was the Smart Skid which included Zedi’s industry leading MTRACTM controller. The MTRAC provides autonomous gas well optimization using sophisticated automation technologies. Zedi has recently upgraded the hardware for delivery of the MTRAC optimization programs, which are designed to manage well production throughout the entire life of the well. Zedi’s expertise in gas well optimization coupled with the MTRAC technology has consistently helped our customers improve cash flow and maximize recoverable reserves. In addition to this current success in Russia, the Company is experiencing increased traction domestically.
“Our Russian customer was very pleased that, in addition to the economic benefits that are related to reduced downtime, lost gas and reduced costs related to well work-overs, the solution delivered environmental and social benefits by eliminating the introduction of CH4 to atmosphere and by preserving employment through extending the life of historical reservoirs and providing new skills for operational staff,” says Rod Heard, Vice President responsible for Zedi’s international growth.
Zedi Inc. (TSX VENTURE: ZED) specializes in the end-to-end management of oil and gas production operations. Zedi arms producers from the field to head office with accurate, timely and centralized data to help them make better business decisions. Using technology to gather highly accurate data from well sites, Zedi automatically moves it through critical work processes including web-based field data capture and production accounting systems. Zedi technology is continually evolving in the control and optimization of wells to ensure maximum production and cost reduction. Established in 1987, Zedi has enhanced the operational performance of more than 400 upstream, midstream and oilfield service customers.
Debra Deane
Investor Relations
Zedi Inc.
T: 403-263-2600 ext. 7120
F: 403-444-1101
investor@zedi.ca
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Customer Impact
Surveillance
Eliminate manual data gathering to obtain accurate, reliable, actionable field production information on-demand.
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