The prescient leadership and business-building skills of CEO Peter Duncan have enabled MicroSeismic to introduce and implement unique technology that has helped unlock the natural gas Renaissance in the United States
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Denver (PRWEB) February 9, 2011
Houston-based MicroSeismic pioneered the use of surface and near-surface arrays for monitoring hydraulic fracture stimulations in natural gas reservoirs. This breakthrough technology enables operators to monitor the fracing of horizontal wells in real-time.
MicroSeismic is profitable and growing, achieving revenue growth of more than 200% in 2010.
Altira realized MicroSeismic's unique value proposition very early; and it became MicroSeismic's first and lead investor shortly after the company's founding in 2003. As a result, the recently announced equity transaction with TA Associates and Madrone will generate a very meaningful return for the Denver-based venture capital firm, which has invested $1 billion with partners in more than 100 energy technology transactions over the past decade.
Altira will retain a substantial ownership position in MicroSeismic and continue to serve on the company's Board of Directors.
"The prescient leadership and business-building skills of CEO Peter Duncan have enabled MicroSeismic to introduce and implement unique technology that has helped unlock the natural gas Renaissance in the United States," says Dirk McDermott, Altira's Founder and Managing Partner. "The company is a poster child for the role that technological entrepreneurship plays within the oil and gas industry of the 21st century."
The new investment will enable MicroSeismic to accelerate its growth domestically and internationally.
MicroSeismic's patented approach to passive seismic monitoring detects microseismic activity caused by hydraulic fracturing, reservoir subsidence, or other natural occurring events and then maps these events accurately in time and three-dimensional space. This allows for a deeper understanding of reservoirs, permitting operators to optimize the performance and production of their assets.
For its part, TA Associates is one of the oldest and largest private equity firms in the world with a $16 billion capital base and over four decades of experience.
Madrone Capital Partners is a private investment firm affiliated with Wal-Mart stores chairman Rob Walton and his family.
"This multi-party transaction," concludes McDermott, "reinforces the fact that natural gas, and the application of innovative new technologies, is essential to a secure energy future for the United States."