[ 30.April 2007 ]

Ziebel AS acquires leading E&P consulting
company Knowledge Reservoir

Stavanger-based wellbore technology company Ziebel AS (www.ziebel.biz), announced today that an agreement to merge with Houston-based upstream energy services company Knowledge Reservoir (www.knowledge-reservoir.com) has been signed.

Ziebel ’s ambition is to rapidly grow to be a recognized and sizable international upstream solutions provider, delivering products and services for well bore optimization through reservoir and production solutions. The company’s focus areas are completions, downhole artificial lift, wellbore monitoring, well intervention and flow assurance, all aimed at optimizing reservoir drainage for our customers.

This is Ziebel’s fourth acquisition, following UK companies iCalTech Ltd. and Axon Instruments Ltd., and the US company Tubel Technologies Inc. which were all acquired in 2006.

Knowledge Reservoir is the largest upstream resource supplier in Houston, with offices in London, Aberdeen, Muscat and Kuala Lumpur. It delivers products and service solutions through three business lines. The first, Subsurface Asset Consulting, helps clients develop a richer and more accurate understanding of their reservoirs. The second, Production Solutions, maximizes reserves and asset value by improving recovery efficiency and through implementation of EOR/IOR methods suitable for mature and marginal field developments. Thirdly Knowledge Management, where teams of geoscientists and engineers work with clients to capture and transform data into knowledge.

“It is with great pride and enthusiasm that we announce the merger between Knowledge Reservoir and Ziebel - two great companies with a common vision to make a significant difference in the value creation secured from the reservoir. As a combined company we have coupled a strong world class services vehicle with a rapidly developing technology platform enabling us to deliver on our vision. I look forward to work closely with the Knowledge Reservoir team in further developing our company’s abilities and presence in the upstream arena.
I am further particularly pleased with that SR Bank Stavanger so constructively worked with us making this acquisition possible. Their support in growing the oil service industry internationally is very encouraging for future developments” said David S. Ottesen, CEO of the Ziebel Group.

“We are very pleased to have found a partner in Ziebel that will allow us to continue on our track of growth while delivering best-in-class products and services to our clients. The ability to leverage solutions that combine leading edge technology and services will prove to be a unique offering in the upstream industry” said Ivor R. Ellul, CEO of Knowledge Reservoir.

Knowledge Reservoir will continue to operate as Knowledge Reservoir LLC – A unit within the Ziebel Group.

Further enquiries:

Ziebel AS:

David S. Ottesen
+47 95495040
david.ottesen@ziebel.biz

Knowledge Reservoir:

Ivor Ellul
+1 713 595 5100
iellul@knowledge-reservoir.com

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