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SPRING, TX--(MARKET WIRE)--Coil Tubing Technology, Inc. (CTBG) announces the delivery of the first group of 8 Rotating Tools to oil and gas well service companies operating in Mexico and Oklahoma. Designed for use in "fishing" applications utilizing 2" coiled tubing strings, these tools were delivered and "in the field" the week of May 1, 2006. In addition, CTBG has received orders for ten (10) more of these 2 7/8" Rotating Tool units, plus five (5) 2 1/8" Rotating Tools, all of which are scheduled for delivery to customers before the end of the month of May. The Rotating Tool is a device that attaches to the end of a coiled tube to assist with "latching a fish," or removing production kits or undesired obstructions from the well by introducing rotation under mechanical pressure. The design and action of the tool is similar to a "Yankee screwdriver." If, for example, during normal operations, a piece of coiled tube is broken off and remains lodged in the wellbore, it can be difficult to get the new coiled tubing line past the obstruction. By introducing rotation to the "overshot," or latching mechanism at the end of the tool, obstructions can be cleared without the need to manually work the tool through the well head. "CTBG offers the only fully rotating tool for well fishing applications," stated Jerry Swinford, President of Coil Tubing Technology, Inc. "Other tools in the marketplace only 'index' or 'turn' in 90 degree increments without fully rotating, which is an inefficient means of latching a fish. We are delighted by the overwhelming response from customers regarding the capabilities of these tools." Get more on CTBG at Yahoo Finance: http://finance.yahoo.com
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