THE WOODLANDS, Texas,
Feb. 8, 2018 /PRNewswire/ -- Layne
Christensen Company, (NASDAQ: LAYN) ("Layne" or the "Company"), the
largest water well drilling company in the United States and a leading provider of
water infrastructure solutions, today announced the early
completion of the six-mile extension of its Hermosa pipeline that
was started in early December 2017.
J. Michael Anderson, Chief
Financial Officer and President of Layne Water Midstream,
commented, "We are pleased that the extension was completed ahead
of schedule and on budget and is now in operation. We have
already sold water through the extended pipeline, which expands our
water midstream business further north into Reeves County where access to water is more
limited for oil and gas producers. We expect to see continuing
demand growth for water in the energy sector, especially in the
Delaware Basin, due to attractive
producer economics, longer horizontal drilling lengths, and more
use of water per foot of lateral length."
Layne's 26-mile Hermosa Pipeline system extends from
Company-owned land near Pecos,
Texas northward in Reeves
County and can deliver 175,000 barrels of water per day
through 18 different delivery points along the route for use in
energy drilling and completion operations. Layne also
maintains exclusive water rights on approximately 88,000 acres
owned by the State of Texas General Land Office in Reeves and Culberson counties to develop non-potable
water resources for use in oil and gas drilling and completion
activities. Layne is currently developing water resources on
the GLO lands and is actively working on commercial arrangements
with oil and gas producers in the area.
Forward-Looking Statements
This press release may contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Exchange Act of 1934. Such statements may
include, but are not limited to, statements of plans and
objectives, statements of future economic performance and
statements of assumptions underlying such statements, and
statements of management's intentions, hopes, beliefs, expectations
or predictions of the future. Forward-looking statements can
often be identified by the use of forward-looking terminology, such
as "should," "intend," "continue," "believe," "may," "hope,"
"anticipate," "goal," "forecast," "plan," "estimate" and similar
words or phrases. Such statements are based on current expectations
and are subject to certain risks, uncertainties and assumptions,
including but not limited to: prevailing prices for various
commodities, including oil and natural gas, the level of
horizontal drilling activity in the Delaware Basin of Texas, unanticipated
slowdowns in the Company's major markets, the availability of
credit, the risks and uncertainties normally incident to the
industries of operation, the impact of competition, the effect of
any deregulation or other initiatives by the Trump Administration,
the effectiveness of operational changes expected to increase
efficiency and productivity, the availability of equity or debt
capital needed for our business, including the refinancing of our
existing indebtedness as it matures, worldwide economic and
political conditions and foreign currency fluctuations that may
affect worldwide results of operations. Should one or more of these
risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially and
adversely from those anticipated, estimated or
projected. These forward-looking statements are made as of the
date of this filing, and the Company assumes no obligation to
update such forward-looking statements or to update the reasons why
actual results could differ materially from those anticipated in
such forward-looking statements.
About Layne
Layne is a global water management, infrastructure services and
drilling company, providing responsible solutions to the world of
essential natural resources — water, minerals and energy. We
offer innovative, sustainable products and services with an
enduring commitment to safety, excellence, and integrity.
Contacts
J. Michael Anderson
Chief Financial Officer
281-475-2694
michael.anderson@layne.com
Dennard Lascar Associates
Jack Lascar
713-529-6600
jlascar@dennardlascar.com
[LAYN-G]
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SOURCE Layne Christensen Company