| March
22, 2006
WellDog Closes $6.5 Million
in Funding and Welcomes Three New
Investment Partners
Laramie, WY, March 22, 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.
CONTACT INFORMATION:
Alexis A. Lee
WellDog, Inc.
303-543-8929
alee@welldog.com
http://www.welldog.com
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