Mammoth Energy Releases Additional Information Regarding Work Performed in Puerto Rico
March 17 2021 - 4:01PM
Mammoth Energy Services, Inc. (“Mammoth” or the “Company”)
(NASDAQ:TUSK) today announced that it has posted to its website
additional information related to its work in Puerto Rico. The
Federal Emergency Management Agency (“FEMA”), in a memorandum dated
April 22, 2019, that was recently obtained by Mammoth, concluded
that the work performed by Cobra Acquisitions LLC (“Cobra”) for the
Puerto Rico Electric Power Authority (“PREPA”) was awarded in
compliance with the emergency procurement provision of the
Commonwealth of Puerto Rico and that the contract rates were
reasonable.
Arty Straehla, chief executive officer of Mammoth commented,
“Today, we release a fourth confirmation that the PREPA contract
was awarded in compliance with applicable procurement rules and
that the rates were reasonable. This FEMA memorandum adds to
previous confirmations, including (i) the FEMA Determination
Memorandum dated December 23, 2017 (the “FEMA Determination
Memorandum”), (ii) Emergency Contract – Cost Validation Report
prepared by the Homeland Security Operational and Analysis Center
dated March 28, 2019 (the “Rand Report”) and (iii) Freedom of
Information Act data, all of which can be found on our website
www.mammothenergy.com. The documentation continues to show that our
team performed a difficult job in a difficult environment to save
lives and aid the people of Puerto Rico in their time of need.”
FEMA Memorandum Dated April 22, 2019
Mammoth recently obtained a memorandum dated April 22, 2019 in
which FEMA regional administrator Thomas Von Essen responded to a
draft report prepared by the Office of Inspector General (“OIG”)
investigating Cobra’s contract with PREPA (the OIG report was
publicly released on July 3, 2019). This memorandum was prepared
following the FEMA Determination Memorandum and the Rand Report.
The memorandum concluded the following:
- PREPA awarded the contract in compliance with the emergency
procurement provision of the Commonwealth of Puerto Rico: and,
- The contract rates were reasonable when compared with other
proposals available to PREPA at the time.
About Mammoth Energy Services,
Inc.
Mammoth is an integrated, growth-oriented energy service company
serving companies engaged in the construction and repair of the
electric grid for private utilities, public investor-owned
utilities and co-operative utilities through its energy
infrastructure services and the exploration and development of
North American onshore unconventional oil and natural gas reserves.
Mammoth’s suite of services and products include: infrastructure
services, well completion services, natural sand and proppant
services, drilling services and other energy services.
Investor Contact: Don Crist – Director,
Investor Relationsdcrist@mammothenergy.com(405) 608-6048
Media Contact:Peter
Mirijanianpeter@pmpadc.com(202) 464-8803
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