U.S. PATENT & TRADEMARK OFFICE RULING CONFIRMS INVALIDITY OF CLAIM

(Fort Worth, TX) – Summit Casing Equipment, an emerging leader in the innovation of gas and oil field casing equipment, released a statement today in response to the U.S. Patent and Trademark Office ruling invalidating Patent No. 6,435,275, held by Downhole Products. “This decision by the Patent and Trademark Office confirms our long-held belief as to the invalidity of the patent,” said Andy Eldridge, Summit’s Chief Financial Officer. “We pride ourselves on the integrity and quality of our products, and our trusted relationships with our customers, and we have always maintained that our composite centralizer is distinctive from any other in market.” The parties have stipulated that the related patent infringement litigation matter should be stayed indefinitely by the court as a result of this decision. The state-of-the-art Summit composite centralizer utilizes an ultra-hard and extremely durable composite material designed for high impact stress. This allows wellbore casing to reach total depth more economically, effectively and faster than ever before, by reducing torque and drag. “Summit will continue to bring quality products to the market place addressing the casing equipment needs of our customers; the composite centralizer is a proven product that is providing value on drill sites across the United States,” said Eldridge.