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Coil Tubing Technology Deploys World's Only Fully Rotating Well Fishing Tools
Coil Tubing Technology, Inc. ("CTT") (OTC: CTBG) announced today the delivery of the first group of eight (8) two-and-seven-eighths-inch (2 7/8") Rotating Tools to oil and gas well service companies operating in Mexico and Oklahoma. Designed for use in "fishing" applications utilizing 2" coiled tubing strings, these tools were delivered and "in the field" the week of May 1, 2006.
In addition, CTT has received orders for ten (10) more of these 2 7/8" Rotating Tool units, plus five (5) 2 1/8" Rotating Tools, all of which are scheduled for delivery to customers before the end of the month of May.
The Rotating Tool is a device that attaches to the end of a coiled tube to assist with "latching a fish," or removing production kits or undesired obstructions from the well by introducing rotation under mechanical pressure. The design and action of the tool is similar to a "Yankee screwdriver." If, for example, during normal operations, a piece of coiled tube is broken off and remains lodged in the wellbore, it can be difficult to get the new coiled tubing line past the obstruction. By introducing rotation to the "overshot," or latching mechanism at the end of the tool, obstructions can be cleared without the need to manually work the tool through the well head.
"CTT offers the only fully rotating tool for well fishing applications," stated Jerry Swinford, President of Coil Tubing Technology, Inc. "Other tools in the marketplace only 'index' or 'turn' in 90 degree increments without fully rotating, which is an inefficient means of latching a fish. We are delighted by the overwhelming response from customers regarding the capabilities of these tools."
About Coil Tubing Technology, Inc. (CTT)
Coil Tubing Technology, Inc. (CTT) has specialized in the design of proprietary tools for the coil tubing industry since 1990, concentrating on four categories of coil tubing application: thru tubing fishing, thru tubing work over, pipeline clean out, and coil tubing drilling. CTT was founded in 1998 by Jerry Swinford, an oilfield tool designer with more than 15 patents granted or pending and more than 25 years experience in the creation of oilfield tools.
For more information, please visit: www.coiltubingtechnology.com.
Forward-Looking Statements
Certain statements in this release, and other written or oral statements made by the Company, including the use of the words "expect," "anticipate," "estimate," "project," "forecast," "outlook," "target," "objective," "plan," "goal," "pursue," "on track," and similar expressions, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on current estimates and projections about Coil Tubing Technology, Inc.'s business, which are derived in part on assumptions of its management, and are not guarantees of future performance, as such performance is difficult to predict. Actual outcomes and results may differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Such factors include, but are not limited to, the Company's ability to execute effectively its business plan and acquisition strategy, changes in market activity, the development of new products and services, the enhancement of existing products and services, competitive pressures (including price competition), system failures, economic and political conditions, changes in consumer behavior and the introduction of competing products having technological and/or other advantages. These and other risks are described in the Company's filings with the Securities and Exchange Commission, which should be read in conjunction herewith for a further discussion of important factors that could cause actual results to differ materially from those in the forward-looking statements. The Company assumes no obligation to update information concerning its expectations.
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