New R&D Product in Texas Could Change the Oil Industry
Every year, companies and investors gather at the National Petroleum Expo (NAPE) to trade, buy, sell and see the latest technology in the oil industry.
This year, NAPE was held on August 19th and 20th in Houston and gave companies the opportunity to showcase their new products, services and projects. In the past, the stars of the show tend to be large corporations with unlimited R&D funding, but not this year. Texas independent, Carson Energy, Inc. located in Austin, stole the spotlight with its new breakthrough technology, “Honey Pot.”
Honey Pot is a new high tech underground mapping technology that could revolutionize the way oil is drilled along the Texas and Louisiana Gulf Coast. It uses the most advanced 3D Seismic Imaging, Amplitude Variation with Offset (AVO) and Time Migration Analysis to find and point out the best place in a field to produce oil or drill for it. With its revolutionary system, Honey Pot could supposedly lead to $9 million in oil and is estimated to produce close to 400 acres worth of oil and gas.
Honey Pot sounds like every investor’s dream and is just one example of an extremely successful R&D project.
If your company is performing R&D in Texas and would like more information on the state or federal R&D tax credit, please contact a Texas R&D Tax Credit Solutions specialist.