Eco-Stim Energy Solutions Signs Second Contract To Expand Operations in Oklahoma -- Dedicated Crew For New Customer
July 20 2017 - 6:00AM
Marketwired
Eco-Stim Energy Solutions Signs Second Contract To Expand
Operations in Oklahoma -- Dedicated Crew For New Customer
HOUSTON, TX and NEUQUEN CITY, ARGENTINA--(Marketwired - Jul 20,
2017) - Eco-Stim Energy Solutions, Inc. (NASDAQ: ESES) ("EcoStim"
or the "Company") announced today that the Company has executed a
one-year agreement with a US oil and gas exploration and production
company to expand its pressure pumping operations in the north
central region of Oklahoma. The Company expects that the work to be
performed under this contract should support a second well
stimulation crew allowing the company to further expand its
footprint in this region. The contract has an option, exercisable
by the Company's customer, for a second year.
While the contract does not require the customer to award any
specific volume of work to the Company, the contract provides ESES
with the exclusive right to complete all of the customer's wells so
long as ESES meets the operational standards required. Currently,
the customer expects to complete 2-3 wells per month and is
operating two drilling rigs in this region. Each well is expected
to be completed with approximately 25 stages and will require
approximately 40,000 HHP.
J. Chris Boswell, EcoStim's President and Chief Executive
Officer, commented, "After starting our U.S. based operations in
late May 2017, we have been in discussions with several other
operators working in the Scoop/Stack Merge plays and these
discussions have now led to the signing of a commercial contract.
We believe that this agreement will be a foundational contract that
should enable the Company to participate in the expanding activity
levels indicated by the recent rig count increase within the
Scoop/Stack/Merge formations being developed in the region. We
continue to believe that this area is poised for growth and this
contract will position the Company with a second significant
customer in the area."
About the Company
Eco-Stim Energy Solutions is an environmentally focused oilfield
service and technology Company providing well stimulation and
completion services and field management technologies to oil and
gas producers drilling in the international unconventional shale
market. EcoStim's methodology and technology offers the potential
in high cost regions to decrease the number of stages stimulated in
shale plays through a process that predicts high probability
production zones while confirming those production zones using the
latest generation down-hole diagnostic tools. In addition, EcoStim
offers its clients completion techniques that can dramatically
reduce horsepower requirements, emissions and surface footprint.
EcoStim seeks to deliver well completion services with better
technology, better ecology and significantly improved economics for
unconventional oil and gas producers worldwide.
Forward-Looking Statements
The foregoing contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
The words "believe," "expect," "anticipate," "plan," "intend,"
"foresee," "should," "would," "could" or other similar expressions
are intended to identify forward-looking statements, which are
generally not historical in nature. All statements, other than
statements of historical facts, included in this press release that
address activities, events or developments that the Company
expects, believes or anticipates will or may occur in the future
are forward-looking statements. These statements are based on
certain assumptions made by the Company based on management's
experience, expectations and perception of historical trends,
current conditions, anticipated future developments and other
factors believed to be appropriate.
Forward-looking statements are not guarantees of performance.
Although the Company believes the expectations reflected in its
forward-looking statements are reasonable and are based on
reasonable assumptions, no assurance can be given that these
assumptions are accurate or that any of these expectations will be
achieved (in full or at all) or will prove to have been correct.
For additional information regarding known material factors that
could cause our actual results to differ from our projected
results, please see our filings with the SEC, including our Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K.
Any forward-looking statement speaks only as of the date on
which such statement is made, and the Company undertakes no
obligation to correct or update any forward-looking statement,
whether as a result of new information, future events or otherwise,
except as required by applicable law.
Contact:Jeffrey FreedmanInvestor
Relationsinvestorrelations@ecostim-es.com281-531-7200