HOUSTON, TX -- (Marketwire) -- 03/21/12 -- SIGMA3 Integrated Reservoir Solutions Corporation (SIGMA3), a Symphony Technology Group (STG) company, announced today the acquisition of three companies: Colorado-based APEX Petroleum Engineering Inc. (APEXPE), APEXHiPoint LLC., (APEXHP) and HiPoint Reservoir Imaging LLC. (HiPoint). These acquisitions are a continuation of the SIGMA3 strategy to offer alternative solutions -- from reservoir understanding to production optimization -- that enhance exploration and production success, while defining risk and accelerating the return on investments for oil and gas companies. Terms of the acquisitions were not disclosed.
APEXPE provides consulting expertise in hydraulic fracture engineering, inclusive of onsite treatment supervision and QC, drilling, operations, and well completions engineering. APEXHP delivers real-time microseismic fracture mapping, wellbore seismic imaging, and reservoir characterization technologies and services. HiPoint provides microseismic and borehole seismic data processing analysis and interpretation. APEXPE, APEXHP, and HiPoint are recognized leaders in their respective fields, and the combination of their technology and capabilities with the Earth Modeling, Reservoir Geophysics, Geohazards/ Geopressure, and Continuous Fracture Modeling capabilities of today's SIGMA3, creates an integrated roadmap to drive a unique value proposition for its clients.
"By integrating these companies with our current strengths in geosciences and reservoir engineering, we are creating a comprehensive set of services, technologies and workflows that will be the first of their kind in the industry," said Jorge Machnizh, CEO of SIGMA3. "Together we have an all-star team of leaders in their fields, and we believe the potential for value creation is substantial, as we will enable SIGMA3 clients to benefit from dynamic reservoir models that can significantly improve decisions about where to drill, where to frac, how to frac, and where to lease."
Representing the Partners, Larry Walter of APEXHiPoint said, "The partners across all three companies are very excited to join the integrated vision of SIGMA3. We believe by integrating our disciplines, oil and gas companies will be able to bridge the historical gaps between geosciences, reservoir engineering and petroleum engineering. This will enable them to use our leading capabilities in microseismic monitoring, predictive reservoir models, and fracture treatment planning and execution, more holistically, and more effectively."
J.T. Treadwell, Managing Director of STG, commented, "We believe that an integrated, technology-led approach to reservoir understanding and management will ultimately be shown to lead to the highest ROI outcomes. These acquisitions are a part of our commitment to build innovative solutions that bridge silos, and increase the speed, accuracy and quality of decisions in the development process. We have a great group of partners joining our team, and we are very excited for the next stage."
About SIGMA3 Integrated Reservoir Solutions SIGMA3 is a leading technology provider for the oil and gas industry, offering a full suite of software, training and products, with expertise in a variety of geophysical services, including Earth Modeling & Imaging, Reservoir Geophysics, Continuous Fracture Modeling, and Geohazard Analysis. For more information, visit www.sigmacubed.com.
About Symphony Technology Group Symphony Technology Group (STG) is a strategic private equity firm with the mission of investing in and being a partner in building great software and services companies. In addition to capital, STG provides transformation expertise to enable its portfolio companies to deliver more value to clients to retain and attract the best talent and to achieve best-in-class business performance. All STG portfolio companies are expected to grow through innovation. STG's current portfolio consists of 14 global companies with combined revenue of $2.5 Billion and 15,000 employees spread evenly across North America, Europe and Asia.
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