Formation Fluid Announces First Profitable Quarter Due to Successful Major Contract Completion
December 05 2013 - 6:39PM
Marketwired
Formation Fluid Announces First Profitable Quarter Due to
Successful Major Contract Completion
CALGARY, ALBERTA--(Marketwired - Dec 5, 2013) - Formation Fluid
Management Inc. (TSX-VENTURE:FFM) ("Formation Fluid" or the
"Company") is pleased to announce that its September 30, 2013
quarterly financial statements reported an operating profit in
excess of $1.37 million on revenues of $2.55 million. The Company's
full financial statements and management discussion and analysis
are available online at SEDAR at www.sedar.com.
The revenues were generated by its operating subsidiary
Formation Fluid Technology Inc.'s ("FFT") completing its contract
with a major oil company to provide an extensive water remediation
project in the Zama area of north-western Alberta. The project ran
24 hours per day for 105 days and the Company's water processing
plant performed extremely well, exceeding both the customer's
requirements and all environmental regulatory requirements
necessary to allow for surface runoff.
"I had the opportunity to work with a number of the Formation
Fluids Technology (FFT) personnel on a large scale project this
past summer. Prior to arrival onsite we were provided with the
necessary set up requirements to allow for a quick set up. The
onsite operators were able to run the reverse osmosis (RO) 24 hours
a day for months very smoothly," said Grant Stecyk, North Shore
Environmental Consultants. "We were able to treat a large volume of
saline water and release it back into the ecosystem, the project
was an overall success largely in part to the smooth operation and
performance of the RO unit provided by FFT. The staff were
knowledgeable and could help provide feedback to ensure we utilized
the full potential of the RO unit and reached our goals. I had a
very positive experience working with FFT personnel and equipment
and would use them again in the future."
"This project has provided a showcase for our technology to both
the industry and environmental regulatory bodies on a major
project," said Ken Rose, CEO of FFM. "Our customer is very pleased
with our performance and we are currently in negotiations with them
to return to continue the project, commencing in 2014 after the
spring break-up."
About Formation Fluids
Formation Fluid Technology has developed a waste water treatment
plant that uses a proprietary process to clean waste water. The
system is mobile and can be scaled to process required volumes.
This system treats water to meet or exceed CCME Guidelines
(Canadian Environmental Quality Guidelines), resulting in reusable
water that can be used for: Boilers, Frac Water, Water Floods, and
Drilling Operations. Formation Fluids is seeking to service a
significantly underdeveloped segment within the oil and gas
industry; its waste water treatment system is intended to cost
effectively deal with produced water while satisfying the need to
reuse and recycle an increasing valuable resource. For more
information, please visit: www.formationfluid.com.
On behalf of the Board of Directors,
Ken Rose, Chief Executive Officer
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
CAUTIONARY STATEMENT ON FORWARD-LOOKING INFORMATION
Certain statements contained in this news release, including
references to the Company's receipt of applicable approvals, may
constitute forward-looking information under applicable Canadian
securities legislation. These statements relate to future events
and are prospective in nature. All statements other than statements
of historical fact may constitute forward-looking statements or
contain forward-looking information. Forward-looking statements are
often, but not always, identified by the use of words such as
"may", "will", "project", "predict", "potential", "plan",
"continue", "estimate", "expect", "targeting", "intend", "could",
"might", "seek", "anticipate", "should", "believe" or variations
thereof. Forward-looking information may relate to management's
future outlook and anticipated events or results and may include
statements or information regarding the future plans or prospects
of the Company. Forward-looking information is subject to a variety
of known and unknown risks, uncertainties and other factors that
could cause actual events or results to differ from those reflected
in the forward-looking statements. The Company believes that the
expectations reflected in the forward-looking statements contained
in this news release are reasonable, but no assurance can be given
that they will prove to be correct. Actual results and future
events may differ materially from those anticipated and accordingly
forward-looking statements should not be unduly relied upon.
Forward-looking statements contained in this document speak only as
of the date of this news release. Except as required by applicable
law, the Company disclaims any obligation to update any
forward-looking information.
Formation Fluid Management Inc.Investor Relations1 (403)
887-8874info@fftinc.cawww.formationfluid.com