INGRAIN CLOSES SECOND ROUND OF FUNDING

Houston (September 26, 2008) – Houston-based rock physics company, Ingrain, has secured a second round of funding totaling $15 million to advance the deployment of its unprecedented digital reservoir rock property measurement technology. The collaborative raise was completed by international investors including Energy Ventures, Shoaibi Group, Klaveness Invest AS, Kommunal Landspensjonskasse (KLP), and Stanford University, as well as three members of Ingrain’s leadership team.
 
“This funding will allow Ingrain to bring a truly game-changing technology to the oil and gas marketplace,” said Henrique Tono, Ingrain’s CEO. “With the support of our investors, we are providing energy companies with the tools they require to effectively identify promising reserves and produce them faster and more efficiently.”
 
Since its inception just one year ago, Ingrain has dramatically improved the technology of simulating fluid flow measurement in reservoir rocks, allowing oil and gas companies to better understand the potential of their reserves and make smarter, more informed field development decisions. The company’s digital process provides near real-time
data based on patented numerical methods.
 
“All of us at Shoaibi Group are very impressed with the outstanding progress made to date in this young company. We very pleased to be making this strategic investment given the strength of Ingrain’s management and its investing partners,” said Faisal Al Shoaibi, director at Shoaibi Group. “We look forward to directly supporting the
development of the business across the Middle East and North Africa.”
 
In conjunction with this announcement, Ingrain plans to rapidly expand its operations to provide services to the fast-growing areas of oil and gas exploration and production including Canada, South America and the Middle East.
Energy Ventures, a leading Norwegian venture capital firm specializing in upstream oil and gas technology, also supported Ingrain in its first round of funding, completed in 2007.

Source: Internal

Nora Villarreal
(713) 993-9795
Author: Nora Villarreal
Phone: (713) 993-9795
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