Eco-Stim Energy Solutions Announces Operational Start-up of Its Second Well Stimulation Crew
HOUSTON, TX and NEUQUEN CITY, ARGENTINA -- (Marketwired) -- 08/29/16 -- Eco-Stim Energy Solutions, Inc. ("EcoStim" or "the Company"), (NASDAQ: ESES) today announced that for the first time in the Company's short history, it has deployed two well stimulation crews at the same time. Following the arrival of its second equipment package in early August, the Company successfully crossed trained several of its Coiled Tubing employees and added additional critical employees to allow the Company to operate two well stimulation crews simultaneously.
One of the crews was deployed in the province of Mendoza which is approximately 500 kilometers from the Company's base and the second crew was deployed in the province of Neuquén. This capability avoids the conflict scheduling issue the Company has dealt with since it commenced operations in December 2014.
Juan Moll, EcoStim Argentina's Operations Manager, stated, "In the past, we were forced to decline work in one region because our only crew was either working or on standby in a different region. Having this additional crew gives us the flexibility we need to service our existing customers, while creating additional opportunities for new business." Martin Pons, EcoStim Argentina's Manager of Technology and Innovation, added, "We are delighted to expand our existing footprint in the market. We believe this additional capacity strengthens our conventional footprint while displaying our commitment to participate in the rapidly expanding tight gas and unconventional markets. In addition, we intend to work over the next few months to deploy our turbine powered pumping units ("TPU's"), further enhancing EcoStim's reputation for bringing best in class service and technology to these important markets".
J. Chris Boswell, EcoStim's President and CEO stated, "I am very proud of our team for their success in training key employees on the new equipment and the rapid deployment of the second well stimulation crew. While the Company's horsepower is still somewhat limited (until the TPU's are ready to go later this year), this second operational crew should help to improve our utilization while we continue working in the challenging conventional oil markets. Congratulations to the EcoStim team for the completion of this important milestone."
About the Company
Eco-Stim Energy Solutions is an environmentally-focused oilfield service and technology company providing proprietary field management technologies and well stimulation and completion services to oil and gas producers drilling in the rapidly expanding international unconventional shale markets. EcoStim's proprietary methodology and technology offers the potential to decrease the number of stages stimulated in shale plays through a unique 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, surface footprint and water usage. EcoStim seeks to deliver well completion services with better technology, better ecology and significantly improved economics for unconventional oil and gas producers worldwide.
The foregoing contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. 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.
Moreover, such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These Include the factors discussed or referenced in the "Risk Factors" section of the Company's 10-K filed with the Securities and Exchange Commission on March 28, 2014 and risks relating to expected continued development of fracturing operations and unconventional activity in Argentina; expected financial results for past and future periods; the effects of government regulation, permitting and other legal requirements, including new legislation or regulation of hydraulic fracturing; drilling and operating risks; the adequacy of the Company's resources and liquidity; difficult and adverse conditions In the domestic and global capital and credit markets; risks related to the concentration of our operations in South America; shortages of oilfield and well stimulation service equipment, services and qualified personnel and increases in costs for such equipment, services and personnel; uncertainties about the Company's ability to successfully execute its business and financial plans and strategies; general economic and business conditions, either internationally or domestically or In the Jurisdictions In which the Company operates; competition in the oil and natural gas industry; uncertainty concerning the Company's assumed or possible future results of operations; the Company's existing indebtedness; and other important factors that could cause actual results to differ materially from those projected.
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.
Source: Eco-Stim Energy Solutions, Inc.
Released August 29, 2016