Laramie-based WellDog has picked up $5 million in new debt and equity financing from investors, the company announced last week.
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WellDog is currently partnering with state agencies to determine the amount of coalbed methane is left in some wells in the Powder River Basin.
The company’s website says it focuses on coalbed methane-specific reservoir and production solutions, and has developed the first downhole reservoir analysis tool in the industry, as well as establishing the industry’s foremost reservoir simulation laboratory.
According to the company, the new investment was led by Simon Ashton and his strategic investment company ProX Pty Ltd., with participation from investors in Texas, California and Australia.
“It is clear that future energy exploration and development will rely on increasingly complex and sophisticated tools and techniques to access significant oil and gas reserves,” Terry Primeau of Focal Petroleum, also a new WellDog investor,told Wyoming media.
”At the same time, future exploration and development will require low cost, high volume solutions. WellDog has the tools, skilled personnel and experience to evaluate and recommend specific solutions to enhance conventional or nonconventional oil and gas reservoir productivity.”
As we reported in Wyoming Energy News previously, the state’s Oil and Gas Conservation Commission and the Geological Survey are working with WellDog to use the company’s technology to locate methane gas in wells that might otherwise be plugged.