STOCK: $3.51 -11.14% 5/9/2014 – 3:59PM
MARKET CAP.: 15.9M
About Recon Technology Ltd
Recon Technology, Ltd. is a non-state-owned oil field service company in China, listed on NSDAQ with the symbol RCON. The company has been providing software, equipment and services designed to increase the efficiency and automation in oil and gas exploration, extraction, production and refinery for Chinese oil and gas fields for more than 10 years.
The company is engaged in:
providing equipment, tools and other hardware related to oilfield production and management, including simple installations in connection with some projects;
service to improve production and efficiency of exploited oil wells; and
developing and selling its own specialized industrial automation control and information solutions. The products and services provided by the company include:
High-Efficiency Heating Furnaces
High-Efficiency Heating Furnaces are designed to remove the impurities and to prevent solidification blockage in transport pipes carrying crude petroleum. Crude petroleum contains certain impurities including water and natural gas, which must be removed before the petroleum can be sold.
Multi-Purpose Fissure Shaper
Multi-purpose fissure shapers improve the extractors’ ability to test for and extract petroleum which requires perforation into the earth before any petroleum extractor can test for the presence of oil.
Supervisory Control and Data Acquisition System (“SCADA”)
SCADA is an industrial computerized process control system for monitoring, managing and controlling petroleum extraction. SCADA integrates underground and aboveground activities of the petroleum extraction industry. This system can help to manage the oil extraction process in real-time to reduce the costs associated with extraction.
Horizontal Multistage Fracturing related Service
The company mainly uses Baker Hughes FracPoint™ system and provides related service to oilfield companies. The Baker Hughes FracPoint™ system provided a completion method using packers to isolate sections of the wellbore (stages) and frac sleeves to direct the frac treatment to the desired stage. The use of this type of completion eliminated the need for cementing the liner, coiled tubing operations, and wireline operations, while significantly reducing overall pumping time.