Flotek Industries Announces Termination of Share Lending Agreement with JP Morgan, Return of 3.8 Million Shares into Treasury

  Flotek Industries Announces Termination of Share Lending Agreement with JP
          Morgan, Return of 3.8 Million Shares into Treasury Account

PR Newswire

HOUSTON, Feb. 6, 2013

HOUSTON, Feb. 6, 2013 /PRNewswire/ -- Flotek Industries, Inc. ("Flotek" or the
"Company") today announced that it has terminated the Share Lending Agreement
(the "Agreement") between the Company and J.P. Morgan Markets Limited ("J.P.
Morgan," formerly known as Bear, Stearns International Limited). The
Agreement, entered into in February, 2008, was entered into in conjunction
with the offering of $115 million in Convertible Notes by the Company.

As a result, J.P. Morgan has returned an additional 2,439,558 shares of common
stock to the Flotek treasury which have been removed from the public float. In
total, since the Company began reducing the amount of convertible notes
outstanding in 2010, J.P. Morgan has returned all 3.8 million shares lent
under the Agreement. All shares will remain in Flotek's treasury and will be
removed from the shares outstanding. Due to the nature of the lending
agreement, the shares were not used in the calculation of Flotek's earnings
per share.

The return of the borrowed shares is the result of Flotek's repurchase of
approximately $50.3 million of its Convertible Notes previously announced on
December 31, 2012.

"The termination of the Share Lending Agreement is another step in our journey
to create straightforward, more transparent financial statements for Flotek,"
said John Chisholm, Flotek's Chairman, President and Chief Executive Officer.
"Along with simplicity comes a better understanding of Flotek's financial
picture which creates more confidence in our ability to generate value for all
of our stakeholders."

About Flotek Industries, Inc.

Flotek is a global developer and distributor of a portfolio of innovative
oilfield technologies, including specialty chemicals and down-hole drilling
and production equipment. It serves major and independent companies in the
domestic and international oilfield service industry. Flotek Industries, Inc.
is a publicly traded company headquartered in Houston, Texas, and its common
shares are traded on the New York Stock Exchange under the ticker symbol

For additional information, please visit Flotek's web site at

Forward-Looking Statements:

Certain statements set forth in this Press Release constitute 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) regarding Flotek
Industries, Inc.'s business, financial condition, results of operations and
prospects. Words such as expects, anticipates, intends, plans, believes,
seeks, estimates and similar expressions or variations of such words are
intended to identify forward-looking statements, but are not the exclusive
means of identifying forward-looking statements in this Press Release.

Although forward-looking statements in this Press Release reflect the good
faith judgment of management, such statements can only be based on facts and
factors currently known to management. Consequently, forward-looking
statements are inherently subject to risks and uncertainties, and actual
results and outcomes may differ materially from the results and outcomes
discussed in the forward-looking statements. Factors that could cause or
contribute to such differences in results and outcomes include, but are not
limited to, demand for oil and natural gas drilling services in the areas and
markets in which the Company operates, competition, obsolescence of products
and services, the Company's ability to obtain financing to support its
operations, environmental and other casualty risks, and the impact of
government regulation. Further information about the risks and uncertainties
that may impact the Company are set forth in the Company's most recent filings
on Form 10-K (including without limitation in the "Risk Factors" Section), and
in the Company's other SEC filings and publicly available documents. Readers
are urged not to place undue reliance on these forward-looking statements,
which speak only as of the date of this Press Release. The Company undertakes
no obligation to revise or update any forward-looking statements in order to
reflect any event or circumstance that may arise after the date of this Press

SOURCE Flotek Industries, Inc.

Website: http://www.flotekind.com
Contact: Investor Relations, +1-713-849-9911, IR@flotekind.com
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