Ikona Ships New Mud Pump Drives to North American Customers

February 23, 2007—Ikona Gear made its first commercial shipments of its new Mud Pump Drives to major oil and gas companies in Canada and the U.S.

According to the company’s press release, it is in the final stages of equipping its new oil and gas product assembling facilities in Coquitlan, British Columbia and intends to expand the MPD production over the coming months. The company says the MPD 1100 Series 1- and 2-speed mud pumps sell for approximately $45,000.

In March, Ikona plans to begin shipments of its $500,000 Draw Works products.

A drilling rig requires at least one MPD and one DW. Mud pump drives facilitate the desired speed and power of the drilling rig mud pump and produce the required flow and pressure for powering the drilling head.

"With our new oil and gas product assembly facility capable of producing more than $30 million in sales, we are highly focused on rapidly building our oil and gas customer base," says Laith Nosh, Ikona’s CEO and president. "The incorporation of our proprietary gear technology allows our mud pump drives to be designed lighter and more compact than competitive equipment with a comparable rating. A key benefit of Ikona’s lighter, more compact MPD design is the reduction of downtime when moving a rig between drilling locations."

Ikona Gear International Inc.