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Ikona Launches Six New Gearing Products for Oil and Gas Exploration

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April 19, 2006—Ikona Industries launched six new gearing products for the oil and gas industry at The Global Petroleum Show in June.

?Our oil and gas division has been working closely with industry experts to leverage our innovative gearing technology for increased equipment mobility and improved drilling performance,? says Laith Nosh, chief executive officer of Ikona Gear.

According to the company's press release, features of the new oil and gas gearing applications include lightweight designs engineered for rugged, heavy-duty environments. Ikona says additional benefits include decreased complexity in rigging, reduced equipment maintenance costs, elimination of built-in maintenance requirements and product design capabilities for 50,000-hour overhaul intervals and increased mechanical efficiency.

The Canadian Association of Petroleum Producers reported capital spending on upstream oil-and-gas projects in Canada alone exceeded $25 billion in 2005, with the U.S. market estimated at three times that amount.

?According to industry forecasts, the historically high prices of oil and gas are expected to continue for the next several years, followed by stabilization within roughly five years,? says Vladimir Scekic, Ikona's vice president of business development. ?Ikona is well positioned to supply high efficiency and lightweight portable designs as customers prepare for industry-wide cost cutting and operational efficiencies necessary once the market for oil stabilizes at a constant and predictable level.?