EP PetroEcuador and ZEiTECS Complete First Rigless Retrievable

EP PetroEcuador and ZEiTECS Complete First Rigless Retrievable ESP
Installation in South America 
QUITO, ECUADOR -- (Marketwire) -- 11/01/12 --  PetroEcuador and
ZEiTECS today announced the first rigless wireline retrievable
electric submersible pump (ESP) installation in South America. The
operation was a joint effort between PetroEcuador, ZEiTECS and Baker
Hughes (NYSE: BHI). The installation occurred late September when the
ZEiTECS Shuttle was successfully deployed with a Baker Hughes ESP
system. This adds to ZEiTECS' other industry firsts for rigless
wireline retrievable ESP Shuttle installations in Africa (Congo,
2012), the Middle East (Oman, July 2009) and Asia (Brunei, 2009).  
Jackson Jimenez and Ruben Guillermo Ortega of EP PetroEcuador jointly
stated, "PetroEcuador is delighted by the success of the ZEITECS
Shuttle field trial in Cuyabeno 37D and looks forward to further
deployments in the Amazon District fields. Currently, PetroEcuador is
finalizing its installation plans for the second ZEiTECS Shuttle to
be installed in November 2012. The ability to replace an ESP in a
single run of wireline, rod or coiled tubing will simplify our
operations and significantly enhance the profitability of our ESP
wells and Artificial Lift operations, minimizing deferred
production."  
"This milestone continues to demonstrate ZEiTECS' position as the
Artificial Lift industry leader of rigless retrievable ESP systems,"
said Greg Schneider, President and Chief Executive Officer of
ZEiTECS. "By taking the bold step to apply new technology,
PetroEcuador can look forward to simpler and less costly ESP
replacements, less production deferment and the elimination of HS&E
exposure associated with heavy workover rigs. Also, PetroEcuador can
now be a pioneer in preventative maintenance of their ESP systems,
which is not possible with tubing deployed ESPs. I would like to
thank PetroEcuador for their leadership and Baker Hughes for their
cooperation, professionalism and dedication to this project."  
The 550 Shuttle System was run as part of an ongoing partnership with
PetroEcuador of applying the ZEiTECS rigless retrievable ESP Shuttle
systems in Ecuador. 
The ZEiTECS Shuttle technology permits the rigless retrieval and
redeployment of conventional electric submersible pum
p systems
through production tubing by means of standard oil field wireline,
rod or coil tubing technology. The use of this Artificial Lift
technology increases hydrocarbon recovery optimizes production and
lowers operating cost throughout field life. ZEiTECS is an Artificial
Lift technology company established to help operators maximize the
value of their artificial lift systems. For more information visit us
at www.zeitecs.com 
Media Contact:
Maria Cortez
maria.cortez@zeitecs.com
281.833.8435