U.S. PATENT TRIAL & APPEAL BOARD AFFIRMS REJECTION OF PATENT

(Fort Worth, TX) – Summit Casing Equipment, the emerging leader in the innovation of oil and gas field casing equipment, today released a statement in response to the U.S. Patent and Trademark Office’s Patent Trial and Appeal Board decision on Appeal 2014- 002025. This decision affirmed the USPTO’s prior ruling rejecting the claims of Patent No. 6,435,275, held by Downhole Products. “It has been our unwavering contention that this patent is invalid, and we were pleased to learn the USPTO Patent Trial and Appeal Board upheld the original ruling,” said Andy Eldridge, Summit’s Chief Financial Officer and co-founder. “Summit’s foundation was built on the trust our partners place in our commitment to provide the highest quality products and service available, and the Summit TD LoCo composite centralizer is an extension of that pledge to provide the technical and service solutions that make up the ‘Summit Standard.’ “The state-of-the-art TD LoCo features a proprietary composite construction and design distinctive from any other in market, and is delivering value on drill sites nationwide. We will continue to provide our products and service with the exemplary ‘Summit Standard’ our partners have come to trust.” The related patent infringement litigation matter has been stayed indefinitely by the court.