Packers Plus Energy Services Inc., in conjunction with a subsidiary of Acacia Research Corporation, the leader in patent licensing, announced their collaboration on the licensing of a set of fundamental patents related to multi-zonal completion of horizontal wells including ball-drop, sliding sleeve and packer technology for use in the hydraulic fracturing of both tight and conventional oil and gas reservoirs. This technology has been applied in oilfields across North America and worldwide and has contributed significantly to the tremendous growth in oil and gas production from unconventional shale formations.
“We are pleased to be working with Acacia as our licensing partner for these patents because of their proven expertise and success in obtaining fair value for the use of intellectual property. This transaction enables us to further unlock the investment and the value from our R&D while focusing our internal resources and investments in developing and delivering world class completion technologies to the market,” said Dan Theming, President and CEO at Packers Plus.
"Acacia is delighted to be partnering with Packers Plus, whose revolutionary products have attracted widespread adoption across the industry,” commented Matthew Vella, Acacia CEO and President. “We continue to grow our business in the Energy sector as highlighted by this collaboration and we look forward to seeing our recent acquisitions grow our base of future revenues."
Adapted from a press release by David Bizley