Marathon Oil Company Takes Equity Position in In-Depth Systems, Inc.
In-Depth Systems, Inc. announced today that Marathon Oil Company (NYSE: MRO) has invested $600,000 and contributed intellectual property in exchange for a minority equity interest in the company. Marathon has been involved with the In-Depth technology for over a year and owns the suite of patent pending technologies that are available exclusively through In-Depth. These technologies increase well completion productivity and reduce costs by using Radio Frequency Identification (RFID) tags.
Commenting on the announcement, David S. Wesson, Chairman of In-Depth said, "Marathon's investment in In-Depth is obviously a major step forward to growing our company as well as helping gain industry support for our technology." Joe Zierolf, President of In-Depth added, "Our recent introduction of the technology at the 2001 Offshore Technology Conference proved that the industry continues to look toward technology to solve problems and reduce costs."
"We are very excited about the potential of In-Depth's RFID technology for process improvement, increased productivity and cost savings," said Tim Tipton, Marathon Vice President of Technology. "The new technology collects digital information closer to the source on all downhole equipment and activities, provides better data more quickly, and improves decision making. Collaborating with In-Depth is an example of Marathon's new technology strategy -- working with technically savvy individuals inside and outside Marathon to create value."
In-Depth's True Depth™ Systems patent pending technology is a one of a kind seamless application based on accurate depth control and pre-programming of activation locations. The system utilizes passive RFID tags throughout the wellbore to establish uniquely known positions relative to the formation. The technology requires just one correlation log in the lifetime of each well resulting in significant cost savings in process and technique required to perform mechanical operations on the well. Specifically, the technology significantly reduces the requirement for electric wireline as most services will be performed with less expensive slick line procedures.
In-Depth Systems, Inc. is a technology development and licensing company focused on efficiency and cost savings for the oil and gas industry. Visit our web site at http://www.wellboredna.com/.
Marathon Oil Company, part of the USX-Marathon Group (NYSE: MRO) and a unit of USX Corporation, is a large fully integrated oil firm engaged in the worldwide exploration and production of crude oil and natural gas. Through Marathon Ashland Petroleum LLC, the Company also refines, markets and transports petroleum products in the United States. Visit the company's Web site at www.marathon.com or www.usx.com.
SOURCE: In-Depth Systems, Inc.
Contact: David S. Wesson, 817-763-8660 or Joe Zierolf, 713-939-1795,