QUITO, ECUADOR--(Marketwire - Nov 1, 2012) - PetroEcuador and ZEiTECS today announced the first rigless wireline retrievable electric submersible pump (ESP) installation in South America. The operation was a joint effort between PetroEcuador, ZEiTECS and Baker Hughes (NYSE: BHI). The installation occurred late September when the ZEiTECS Shuttle was successfully deployed with a Baker Hughes ESP system. This adds to ZEiTECS' other industry firsts for rigless wireline retrievable ESP Shuttle installations in Africa (Congo, 2012), the Middle East (Oman, July 2009) and Asia (Brunei, 2009).

Jackson Jimenez and Ruben Guillermo Ortega of EP PetroEcuador jointly stated, "PetroEcuador is delighted by the success of the ZEITECS Shuttle field trial in Cuyabeno 37D and looks forward to further deployments in the Amazon District fields. Currently, PetroEcuador is finalizing its installation plans for the second ZEiTECS Shuttle to be installed in November 2012. The ability to replace an ESP in a single run of wireline, rod or coiled tubing will simplify our operations and significantly enhance the profitability of our ESP wells and Artificial Lift operations, minimizing deferred production."

"This milestone continues to demonstrate ZEiTECS' position as the Artificial Lift industry leader of rigless retrievable ESP systems," said Greg Schneider, President and Chief Executive Officer of ZEiTECS. "By taking the bold step to apply new technology, PetroEcuador can look forward to simpler and less costly ESP replacements, less production deferment and the elimination of HS&E exposure associated with heavy workover rigs. Also, PetroEcuador can now be a pioneer in preventative maintenance of their ESP systems, which is not possible with tubing deployed ESPs. I would like to thank PetroEcuador for their leadership and Baker Hughes for their cooperation, professionalism and dedication to this project."

The 550 Shuttle System was run as part of an ongoing partnership with PetroEcuador of applying the ZEiTECS rigless retrievable ESP Shuttle systems in Ecuador.

The ZEiTECS Shuttle technology permits the rigless retrieval and redeployment of conventional electric submersible pump systems through production tubing by means of standard oil field wireline, rod or coil tubing technology. The use of this Artificial Lift technology increases hydrocarbon recovery optimizes production and lowers operating cost throughout field life. ZEiTECS is an Artificial Lift technology company established to help operators maximize the value of their artificial lift systems. For more information visit us at www.zeitecs.com

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