Laramie, WY (PRWEB) March 23, 2006 —
WellDog, Inc., a Laramie, Wyoming-based energy technology company, has closed $6.5 Million in new funding to facilitate expanded delivery of services and new product development. Three new investors, Axiom Venture Partners, Kozel Energy and Yellowstone Energy Ventures, joined existing investors EnerTech Capital and Prospector Equity Capital to complete the investment round.
"We are delighted to become part of the WellDog team. We like to work with experienced management. They are industry insiders who understand the needs of the unconventional natural gas marketplace," said Will Wilcoxson, Partner at Axiom Venture Partners, a Hartford, Connecticut-based firm with over $200M under management. "WellDog provides an extremely innovative technology that is becoming increasingly valuable to the energy industry."
WellDog's current line of services uses their patented downhole laser-based instrument to measure key reservoir properties in coalbed natural gas wells. This information is then transmitted via satellite to WellDog's data center for real-time analysis. WellDog has concentrated service delivery primarily in the Powder River Basin in Wyoming, but will use the new funding to expand into additional basins in the United States and Canada.
Future services in WellDog’s offering include analysis of multi-zone completions and zone isolation as well as testing horizontally drilled wells. WellDog is also pursuing development of a CO2 analysis service as a result of customer demand for technology that can monitor CO2 sequestration programs.
"We’re excited to welcome three new partners and appreciate the continued vote of confidence from our existing investors," said Wayne Greenberg, CEO of WellDog. "We 'oversubscribed' this round – we were seeking $5 Million. Additionally, we received an increase in value over the prior round because we were able to prove our technology through significant commercial adoption in the last year."
About WellDog, Inc.
Founded in 1999, WellDog, Inc. develops chemical sensing technologies for natural gas exploration and production. WellDog® services give coalbed natural gas developers the information they need to produce more gas, more quickly, with less environmental impact. These services support coalbed natural gas, an industry that has been identified as the fastest growing sector of natural gas production in the U.S. WellDog provides services in major coal basins in the Western United States and Canada. For more information, visit http://www.welldog.com.