Ingrain Digital Rock Lab
Ingrain Closes Third Round of Funding
Houston (September 23, 2009) – Houston-based digital rock physics
company Ingrain has secured a third round of funding totaling $15
million to advance the deployment of its digital rock physics labs. The
collaborative raise was completed by continuing investors including
Energy Ventures and KLP, along with new investor TPH Partners. Ingrain
utilizes proprietary technologies to analyze reservoir rock samples
from cores or drill cuttings and deliver critical data to its oil and
gas producer client base.
Joe B. Foster, Chairman of TPH Partners will join Ingrain’s board of directors. Foster founded Newfield Exploration Company in 1989 and served as chairman of the board until 2005. He was chairman of Tenneco Oil Company and executive vice president and director of its parent, Tenneco Inc. He began with Tenneco as a Junior Petroleum Engineer in Oklahoma City in 1957.
“This funding will allow Ingrain to continue our expansion into the Middle East, North Africa and Latin America,” said Henrique Tono, Ingrain’s CEO. “We are delighted and honored to have Joe Foster joining Ingrain’s board of directors. His depth of industry experience makes him an invaluable advisor to Ingrain as we expand into major oil-producing regions worldwide. ”
Since starting up in 2007, Ingrain has introduced technical breakthroughs for quickly and accurately determining physical properties and simulating fluid flows in oil and gas reservoir rocks. The company uses high-resolution 3D imaging to “reveal reservoir rocks from the inside” and compute critical rock properties including permeability, porosity, elastic properties, electrical properties and relative permeability. This information allows oil and gas companies to more accurately estimate the potential of their reserves and make faster, better-informed field development decisions.
TPH Partners invests in the upstream, oilfield service and midstream subsectors of the energy industry. The fund is an affiliate of Tudor, Pickering, Holt & Co. Additional information on TPH Partners can be found at www.tphpartners.com.
Joe B. Foster, Chairman of TPH Partners will join Ingrain’s board of directors. Foster founded Newfield Exploration Company in 1989 and served as chairman of the board until 2005. He was chairman of Tenneco Oil Company and executive vice president and director of its parent, Tenneco Inc. He began with Tenneco as a Junior Petroleum Engineer in Oklahoma City in 1957.
“This funding will allow Ingrain to continue our expansion into the Middle East, North Africa and Latin America,” said Henrique Tono, Ingrain’s CEO. “We are delighted and honored to have Joe Foster joining Ingrain’s board of directors. His depth of industry experience makes him an invaluable advisor to Ingrain as we expand into major oil-producing regions worldwide. ”
Since starting up in 2007, Ingrain has introduced technical breakthroughs for quickly and accurately determining physical properties and simulating fluid flows in oil and gas reservoir rocks. The company uses high-resolution 3D imaging to “reveal reservoir rocks from the inside” and compute critical rock properties including permeability, porosity, elastic properties, electrical properties and relative permeability. This information allows oil and gas companies to more accurately estimate the potential of their reserves and make faster, better-informed field development decisions.
TPH Partners invests in the upstream, oilfield service and midstream subsectors of the energy industry. The fund is an affiliate of Tudor, Pickering, Holt & Co. Additional information on TPH Partners can be found at www.tphpartners.com.
Source: Internal
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