Reveal Energy Services, a Houston-based oilfield startup, received an equity funding from Lime Rock Partners.
The amount of the deal was not disclosed. In conjunction with the investment, Trevor Burgess and Oliver Phillips of Lime Rock Partners joined the Reveal Energy Services board of directors.
The investment will accelerate the company’s commercial growth.
Founded in 2016 by Statoil Technology Invest as a spin-out of research and development work by Statoil and led by Sudhendu Kashikar, CEO, Reveal Energy Services provides solutions for hydraulic fracture mapping and monitoring to validate oil and gas well completions designs.
During the first nine months of field work as one of the newest oilfield service providers, the company launched its patent-pending IMAGE Frac® pressure-based fracture geometry service for multiwell pad development. The service has been field proven in more than 100 wells across 7 US shale basins for 7 major North America oil and gas operators.
Throughout last year, Reveal Energy Services field-tested additional solutions to improve completions designs and field development including:
– DiverterSCAN® technology, which provides insight into diverter effectiveness and
– ProppantSCAN® technology, which quantifies proppant placement.
The company is also engineering products to quantify the rate of fracture growth versus time and pumped volume.